AZ Rev Stat § 6-945 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-945 - Denial, suspension or revocation of licenses

6-945.  Denial,  suspension or revocation of licenses A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee: 1. Is insolvent as defined in section 47-1201. 2. Has shown that the applicant or licensee is not a person of honesty,  truthfulness and good character. 3. Refuses to allow an examination by the deputy director of the licensee's books and affairs or refuses or fails,  within a reasonable time,  to furnish any information or make any report that may be required by the deputy director. 4. Has been convicted in any state of a felony or any crime involving breach of trust or dishonesty. 5. Has had a final judgment entered against the applicant or licensee in a civil action on grounds of fraud,  deceit or misrepresentation and the conduct on which the judgment is based indicates that it would be contrary to the interest of the public to allow the person to be licensed or to control or manage a licensee. 6. Has had an order entered against the applicant or licensee involving fraud,  deceit or misrepresentation by any administrative agency of this state,  the federal government or any other state or territory of the United States and that the facts relating to the order indicate that it would be contrary to the interest of the public to allow the person to be licensed or to control or manage a licensee. 7. Has violated any applicable law,  rule or order. B. If any person to whom a license is issued or who has applied for a license under this article is indicted or informed against for forgery,  embezzlement,  obtaining money under false pretenses,  extortion,  criminal conspiracy to defraud,  or a like offense or offenses,  and a certified copy of the indictment or information or other proper evidence of such indictment or information is filed with the deputy director,  the deputy director may suspend the license issued to the licensee or refuse to grant a license to an applicant pending trial on the indictment or information. C. If a licensee is other than a natural person,  it is sufficient cause for the denial,  suspension or revocation of the license if an officer,  director,  member,  partner,  trustee,  employee,  while acting in the course of the mortgage banker business,  or person entitled to vote more than twenty percent of the outstanding voting shares of the licensed corporation,  partnership,  association or trust has acted or failed to act in the same manner as would be cause for suspending or revoking a license of the party as an individual. If a licensee is a natural person,  it is sufficient cause for the suspension or revocation of the license if an employee of the person has acted or failed to act in the course of the mortgage banker business of the licensee in the same manner as would be cause for suspending or revoking a license of the party as an owner. D. The deputy director shall grant or deny a license within one hundred twenty days after receipt of the completed application and fees.