reglab/statecodes huggingface dataset:
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-976 - Responsible individual; employees

6-976.
Responsible individual;  employees
A. A license entitles the licensee and all officers,  directors,  members,  partners,  trustees and employees of the licensee to engage in commercial mortgage banking if one officer,  director,  member,  partner,  employee or trustee of the person or an employee of an affiliated entity or the parent company of the licensee is designated in the license as the individual responsible for the licensee under this article. If the natural person is not a resident of this state,  an employee of the licensee shall be designated in the license as the individual responsible for the licensee under this article. For the purposes of this subsection,  employee does not include an independent contractor.
B. The responsible individual shall be active in managing the activities of the licensee governed by this article and shall meet the qualifications prescribed by section 6-973,  subsection D,  paragraph 1 for a licensee. A licensee shall notify the deputy director that its responsible individual will cease to be active in managing the activities of the licensee within ten days after learning of that fact. Within ninety days after the notification is received by the deputy director,  the licensee shall replace the responsible individual with a qualified replacement and notify the deputy director. If the license is not placed under active management of a qualified responsible individual and if notice is not given to the deputy director within the ninety-day period,  the license of the licensee expires.
C. A licensee shall not employ any person unless the licensee:
1. Conducts a reasonable investigation of the background,  honesty,  truthfulness,  integrity and competency of the employee before hiring.
2. Keeps a record of the investigation for at least two years after termination.
D. The licensee is liable for any damages caused by any employee while acting as an employee of the licensee.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-977 - Displaying and using license number

6-977.
Displaying and using license number
A. A licensee shall prominently display the commercial mortgage banker license in the office of the commercial mortgage banker.
B. A licensee or an employee of the licensee shall not advertise for or solicit commercial mortgage loans in any manner without using the license name,  or other assumed name or trade name that is submitted to the department pursuant to section 6-117,  and the license number. If a license is issued in the name of a natural person,  the advertising or solicitation may not imply that the license is in the name of another person or entity. For the purposes of this subsection,  advertise does not include business cards,  radio and television advertising directed at national or regional markets and promotional items unless those items contain rates or terms on which a commercial mortgage loan may be obtained.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-978 - Consent of deputy director for transferring, assigning or acquiring control of licensee; definition

6-978.
Consent of deputy director for transferring,  assigning or acquiring control of licensee;  definition
A license is not transferable or assignable and control of a licensee may not be acquired through a stock purchase or any other device without the prior written consent of the deputy director. The deputy director shall not give written consent if the deputy director finds that any of the grounds for denial,  revocation or suspension of a license as set forth in section 6-982 apply to the acquiring person. For the purpose of this section,  " control"  means the power to vote more than twenty percent of the outstanding voting shares of a licensed corporation,  partnership,  association or trust.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-979 - Principal place of business; branch office license; change of address

6-979.
Principal place of business;  branch office license;  change of address
A. Each licensed commercial mortgage banker shall designate and maintain a principal place of business in this state to transact business. The license shall specify the address of the licensee's principal place of business.
B. If a licensee wishes to maintain one or more locations in addition to a principal place of business,  the licensee shall first obtain a branch office license from the deputy director and designate a person for each branch office to oversee the operations of that office.
C. If the deputy director determines that the licensee is qualified,  the deputy director shall issue a branch office license indicating the address of the branch office. The licensee shall conspicuously display the branch office license in the branch office.
D. If the address of the principal place of business or of any branch office is changed,  the licensee shall immediately notify the deputy director of the change and the deputy director shall endorse the change of address on the license.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-980 - Annual renewal; expiration on failure to renew

6-980.
Annual renewal;  expiration on failure to renew
A. For licenses approved on or before March 31,  2009:
1. Licenses that are not renewed by March 31,  2009 are suspended,  and the licensee shall not act as a commercial mortgage banker until the license is renewed or a new license is issued pursuant to this article.
2. A person may renew a suspended license by making an application for renewal as prescribed by the deputy director.
3. Licenses that are not renewed by April 30,  2009 expire. A license shall not be granted to the holder of an expired license except as provided in this article for issuing an original license.
B. For licenses approved after or renewed on March 31,  2009:
1. If a license is not renewed by December 31,  2009 and by December 31 of each subsequent year,  the license is suspended. The licensee shall not act as a commercial mortgage banker until the license is renewed or a new license is issued pursuant to this article.
2. A person may renew a suspended license by applying for renewal as prescribed by the deputy director.
3. Licenses that are not renewed by January 31 expire. A license shall not be granted to the holder of an expired license except as provided in this article for issuing an original license.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-981 - Inactive status

6-981.
Inactive status
A. For licenses approved on or before March 31,  2009,  a licensee may request inactive status for the following license year,  and the license shall be placed on inactive status after surrendering the license to the deputy director.
B. For licenses approved after or renewed on March 31,  2009,  a licensee may request inactive status on or before December 31 of each year for the following license year,  and the license shall be placed on inactive status after surrendering the license to the deputy director.
C. During inactive status,  an inactive licensee is not required to maintain a bond and shall not act as a commercial mortgage banker.
D. A licensee may not be on inactive status for more than two consecutive years or for more than four years in any ten-year period. The license is deemed expired on violation of any of the limitations of this subsection.
E. An inactive licensee may return to active status notwithstanding section 6-973,  subsection D by making a written request to the deputy director for reactivation. The licensee shall also provide the deputy director with proof that the licensee meets all of the other requirements for acting as a commercial mortgage banker,  including required bond coverage or the deposit of a cash alternative.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-982 - Denial, suspension or revocation of licenses

6-982.
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. 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.
3. Has been convicted in any state of a felony or any crime of breach of trust or dishonesty.
4. Has had a final judgment entered against the 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.
5. Has had an order entered against the 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 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.
6. Has violated any applicable law,  rule or order.
B. If a 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 similar offense or offenses and a certified copy of the indictment or information is filed with the deputy director,  the deputy director may suspend the license issued to the licensee or deny 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 to suspend or revoke the license if an officer,  director,  member,  partner,  trustee or employee,  while acting in the course of the commercial mortgage banker business,  or a 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 to suspend or revoke a license of the party as an individual. If a licensee is a natural person,  it is sufficient cause to suspend or revoke the license if an employee of the person,  while acting as an employee,  has acted or failed to act in the course of the commercial mortgage banker business of the licensee in the same manner as would be cause to suspend or revoke a license of the party as an owner.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-985 - Noncompliance not to affect validity of loan

6-985.
Noncompliance not to affect validity of loan
A failure to comply with a provision of this article does not affect the validity or enforceability of any debt or any mortgage,  deed of trust or lien interest on real estate. A person who acquires a commercial mortgage loan or an interest in a commercial mortgage loan as mortgagee or beneficiary,  as an assignee,  holder or transferee or as a pledgee or the holder of a security interest is not required to ascertain compliance with this article.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.01 - Exemptions

6-991.01.
Exemptions
This article does not apply to:
1. Registered loan originators.
2. An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence.
3. A person who is a responsible individual as described in section 6-903,  6-943 or 6-973 and who does not act as a loan originator pursuant to article 1,  2 or 3 of this chapter.
4. An employee of a commercial mortgage banker licensed pursuant to article 3 of this chapter.
5. An employee of a person licensed pursuant to this chapter if the licensee affirms in writing to the deputy director that the licensee will not originate or negotiate a mortgage loan that has security in the form of a residential dwelling of one to four units.
6. A person who,  as seller of real property,  receives one or more mortgages or deeds of trust as security for a purchase money obligation.
7. A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client,  unless the attorney is compensated by a lender,  a mortgage broker or any other loan originator or by any agent of the lender,  mortgage broker or other loan originator.
8. An individual who offers to negotiate terms of a residential mortgage loan with or on behalf of the individual's immediate family member and who does not otherwise engage in the business of a loan originator.
9. A manufactured home retailer and its employees if performing only clerical or support duties in connection with the sale or lease of a manufactured home and the manufactured home retailer and its employees receive no compensation or other gain from a mortgage banker or a mortgage broker for the performance of the clerical or support duties.
10. An individual who is employed by a residential mortgage loan servicer if the individual is involved solely in loss mitigation efforts,  unless the United States department of housing and urban development determines that the secure and fair enforcement for mortgage licensing act of 2008 (P.L. 110-289;  122 Stat. 2810;  12 United States Code sections 5101 through 5116) requires the individual to be licensed as a mortgage loan originator. For the purposes of this paragraph,  " loss mitigation efforts"  means a residential mortgage loan borrower is in default or default is reasonably foreseeable and an individual works with the borrower on behalf of the residential mortgage loan servicer to modify either temporarily or permanently the obligation or to otherwise mitigate loss on an existing residential mortgage loan.
11. An employee or the person who is the responsible individual of a financial institution who is licensed pursuant to article 1,  2 or 3 of this chapter if the responsible individual certifies in writing to the deputy director that the employee or the responsible individual,  or both the employee and the responsible individual,  will only originate commercial mortgage loans as defined in section 6-901.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.05 - Denial, suspension or revocation of licenses

6-991.05.
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. Has violated any law,  rule or order.
2. Has been convicted of or pled guilty or nolo contendere to a misdemeanor if it involved an act of fraud,  dishonesty or breach of trust or money laundering at any time preceding the date of application.
3. 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.
4. Has had an administrative agency of this state,  the federal government or any other state or territory of the United States enter an order against the applicant or licensee involving fraud,  deceit or misrepresentation and 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.
5. Has made a material misstatement or suppressed or withheld information on the application for a license or any document required to be filed with the deputy director.
6. Has had a loan originator license,  consumer lender license,  mortgage broker license or mortgage banker license revoked or denied in this state or any other state.
B. The deputy director shall deny a license to a person or suspend or revoke a license if the deputy director finds that either of the following applies:
1. The applicant or licensee has been convicted of or pled guilty or nolo contendere to a felony in a domestic,  foreign or military court during the seven-year period immediately preceding the date of the application or at any time preceding the date of application if the felony involved an act of fraud,  dishonesty or a breach of trust or money laundering.
2. The applicant or licensee does not have the financial responsibility,  experience or competence to adequately serve the public or to warrant the belief that the applicant or licensee will act lawfully pursuant to this article.
C. If a licensee or applicant under this article is indicted or informed against for forgery,  embezzlement,  obtaining money under false pretenses,  extortion,  criminal conspiracy to defraud or a similar offense and a certified copy of the indictment or information or other proper evidence of the indictment or information is filed with the deputy director,  the deputy director may suspend the license or refuse to grant a license to the applicant pending trial on the indictment.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.07 - Examination; fee; definition

6-991.07.
Examination;  fee;  definition
A. Each applicant for an original loan originator license,  before issuance of the license,  shall take and pass an examination that is developed or otherwise deemed acceptable by the nationwide mortgage licensing system and registry established by the secure and fair enforcement for mortgage licensing act of 2008 (P.L. 110-289;  122 Stat. 2810;  12 United States Code sections 5101 through 5116) or its successor and that is given under the supervision of the department or its designee. The examination must reasonably examine the applicant's knowledge of all of the following:
1. The obligations between principal and agent.
2. The applicable canons of business ethics.
3. The arithmetical computations common to mortgage brokerage.
4. The principles of real estate lending.
5. The general purposes and legal effect of mortgages,  deeds of trust and security agreements.
6. The terms and conditions of conforming and nonconforming residential mortgage products.
B. The examination is subject to the deputy director's approval.
C. An applicant may take the examination three consecutive times with each consecutive taking occurring at least thirty days after the preceding examination. An applicant who fails the examination on three consecutive occasions must wait at least six months before taking the examination again.
D. All examinations shall be given,  conducted and graded in a fair and impartial manner and without unfair discrimination between individuals examined. The department's designee shall inform the applicant of the result of the examination within thirty days after the examination.
E. The deputy director shall set the fee for each examination that is consistent with the requirements established by the nationwide mortgage licensing system and registry established by the secure and fair enforcement for mortgage licensing act of 2008 (P.L. 110-289;  122 Stat. 2810;  12 United States Code sections 5101 through 5116) or its successor. The deputy director may contract for the examination for the licensing of applicants. If the deputy director contracts for the examination,  the fee for examination for licenses pursuant to this section is payable directly to the contractor by the applicant for examination.
F. For the purposes of this section,  " applicant"  means a person who has submitted a completed application in the form prescribed by the deputy director.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.08 - Reasonable efforts to secure advantageous loan for borrower

6-991.08.
Reasonable efforts to secure advantageous loan for borrower
A loan originator shall make reasonable efforts to secure a loan that is reasonably advantageous to the borrower considering all of the circumstances,  including the interest rates,  charges and repayment terms of the loan.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.09 - Mortgage recovery fund; liability limits

6-991.09.
Mortgage recovery fund;  liability limits
A. The deputy director shall establish and maintain a mortgage recovery fund consisting of the monies received by the deputy director pursuant to this article for the benefit of any person aggrieved by any act,  representation,  transaction or conduct of a licensed loan originator that violates this title or the rules adopted pursuant to this title.
B. On notice from the deputy director,  the state treasurer shall invest and divest monies in the fund as provided by section 35-313,  and monies earned from investment shall be credited to the fund.
C. Notwithstanding any other law,  the deputy director may spend interest monies from the fund that are necessary to increase public awareness of the fund,  but that do not exceed $50, 000 in any fiscal year.
D. The fund shall only pay for a loss that is an actual and direct out-of-pocket loss to an aggrieved person directly arising out of a mortgage transaction,  including reasonable attorney fees and court costs.
E. The mortgage recovery fund's liability shall not exceed:
1. $200, 000 for each transaction,  regardless of the number of persons aggrieved or the number of licensees or parcels of real estate involved.
2. $500, 000 for each licensee.
F. The liability of the fund for the acts of a licensed loan originator is terminated on the issuance of orders authorizing payments from the fund in an aggregate amount as prescribed by subsection E of this section.
G. The fund is liable to pay only against the license of a natural person,  not on that of a corporation,  a partnership or any other fictitious entity.
H. The fund is liable to pay only for damages arising out of a transaction in which the defendant licensee performed acts for which a loan originator license was required or when the defendant licensee engaged in fraud or misrepresentation and the aggrieved person was harmed due to reliance on the defendant's licensed status.
I. The fund shall not pay any claim until the penal sums of the bonds required under section 6-903 or 6-943 have been exhausted.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.10 - Payments to the mortgage recovery fund

6-991.10.
Payments to the mortgage recovery fund
A. In addition to any other fees,  applicants shall pay an amount to be determined by the deputy director to the mortgage recovery fund on application for an original loan originator license.
B. If,  on June 30 of any year,  the balance remaining in the mortgage recovery fund is less than $2, 000, 000,  every licensee when renewing a loan originator license during the following license year shall pay,  in addition to the license renewal fee,  a fee to be determined by the deputy director for deposit in the mortgage recovery fund.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.12 - Notice of claim to judgment debtor; response

6-991.12.
Notice of claim to judgment debtor;  response
A. Within the same time prescribed by section 6-991.11,  subsection C for applying for payment from the mortgage recovery fund,  an aggrieved party who applies for payment shall serve notice of the claim on the judgment debtor,  together with a copy of the application. The notice shall be in the following form:
NOTICE
Based on a judgment against you in favor of (enter name of claimant),  application is being made to the Arizona department of insurance and financial institutions for payment from the mortgage recovery fund.
If you wish to contest payment from the mortgage recovery fund,  you must file a written response to the application. The deputy director of the financial institutions division of the department of insurance and financial institutions must receive your response at (address) within thirty-five calendar days after the date this notice is (mailed,  delivered,  first published). You must also send a copy of the response to the claimant. If you fail to respond as required,  you waive your right to present your objections to payment.
B. If the judgment debtor holds a current license issued by the department,  the notice and copy of the application may be served by certified mail,  return receipt requested,  addressed to the judgment debtor's latest business or residence address on file with the department. If the judgment debtor does not hold a current license and if personal delivery cannot be effected by exercising reasonable diligence,  the claimant must publish the notice once a week for two consecutive weeks in a newspaper of general circulation in the county in which the judgment debtor was last known to reside.
C. If the judgment debtor fails to file a written response to the application with the department within thirty-five calendar days after service under subsection B of this section or after the first publication of the notice,  the judgment debtor is not entitled to notice of any action taken or proposed to be taken by the deputy director with respect to the claim.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.13 - Correction of deficiencies in the application

6-991.13.
Correction of deficiencies in the application
A. If the deputy director determines that a claimant's application fails to comply substantially with the requirements of section 6-991.11 or rules adopted pursuant to this article,  the deputy director,  within thirty calendar days after receiving the application,  shall mail an itemized list of deficiencies to the claimant. For the purposes of this subsection,  " comply substantially"  means filing with the department the documents that are minimally necessary to process a claim,  including at least a certified copy of the judgment,  legible copies of documents establishing the underlying transaction and amounts of losses suffered and a statement concerning amounts recovered from or on behalf of the judgment debtor.
B. The claimant must respond within sixty calendar days after receiving the list of deficiencies by providing the information identified by the deputy director. If the claimant fails to correct the deficiencies within sixty calendar days,  the department shall close the file unless the claimant requests an extension in writing. A claimant whose file has been closed may submit a new application as provided by section 6-991.11.
C. The deadline prescribed by section 6-991.15 for the deputy director to make a decision on the application is suspended from the date the deputy director mails the list of deficiencies to the applicant until the date the department receives the requested information.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.15 - Final decision and order on claim; notice

6-991.15.
Final decision and order on claim;  notice
A. The deputy director shall make a final written decision and order on a claim within ninety calendar days after receiving a completed application except in the following cases:
1. A proration hearing is pending under section 6-991.11.
2. An application is deficient or fails to comply substantially with the requirements of section 6-991.11 or rules adopted pursuant to this article as determined pursuant to section 6-991.13.
3. The claimant agrees in writing to extend the time for making a decision.
B. If the deputy director fails to render a written decision and order on a claim within ninety calendar days after receiving a completed application,  or within an extended period of time provided under subsection A of this section,  the claim is considered to be approved on the day following the final day for rendering the decision.
C. The deputy director may approve or deny an application or may enter into a compromise with the claimant to pay less in settlement than the full amount of the claim. If the claimant refuses to accept a settlement offered by the deputy director,  the deputy director shall deny the claim.
D. The deputy director shall give notice of a decision and order with respect to the claim to the claimant and to any judgment debtor who has filed a timely response to the claim pursuant to section 6-991.12 as follows:
1. If the deputy director denies the application,  the notice shall include the following:
The claimant's application has been denied. If the claimant wishes to pursue the application in court,  the claimant must file the application in the court in which the underlying judgment was entered within six months after receiving this notice,  pursuant to section 6-991.16,  Arizona Revised Statutes.
2. If the deputy director's decision is to make a payment to the claimant out of the mortgage recovery fund,  the following notice shall be given to the judgment debtor with a copy of the decision and order of the deputy director:
The decision of the deputy director of the financial institutions division of the department of insurance and financial institutions on the claim of (name of claimant) is to pay $__________ from the mortgage recovery fund. A copy of that decision and order is enclosed. If you desire a judicial review of the deputy director's decision and order or the termination of your licenses and license rights,  you may petition the superior court,  in the county in which the judgment that is the basis of this claim was rendered,  for a judicial review. To be timely,  you must file the petition with the court within thirty calendar days after receiving this notice.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.16 - Claimant's right to appeal denial of claim; service of notice of appeal; response; failure to file response

6-991.16.
Claimant's right to appeal denial of claim;  service of notice of appeal;  response;  failure to file response
A. A claimant whose application is denied pursuant to section 6-991.15 may file within six months after receiving notice of a denial of the claim a verified application in the court in which judgment was entered in the claimant's favor for an order directing payment out of the mortgage recovery fund based on the grounds set forth in the claimant's application to the deputy director.
B. The claimant must serve a copy of the verified application on the deputy director and on the judgment debtor and file a certificate or affidavit of service with the court. Service on the deputy director shall be made by certified mail addressed to the deputy director. Service on a judgment debtor shall be made pursuant to section 6-991.12 and shall include the following notice:
NOTICE
An application has been filed with the court for a payment from the mortgage recovery fund that was previously denied by the deputy director of the financial institutions division of the department of insurance and financial institutions. If you wish to defend in court against this claim,  you must file a written response with the court within thirty calendar days after you are served with a copy of the application. If you fail to file a written response,  you waive your right to defend against the claim.
C. The deputy director and the judgment debtor each must file a written response within thirty calendar days after being served with the application under subsection B of this section. The court shall set the matter for hearing on the petition of the claimant. The court shall grant a request of the deputy director for a continuance of as much as thirty calendar days and,  on a showing of good cause by any party,  may continue the hearing for a time that the court considers to be appropriate.
D. At the hearing,  the claimant must establish compliance with the requirements of section 6-991.11.
E. If the judgment debtor fails to file a written response to the application,  the deputy director may compromise or settle the claim at any time during the court proceedings and,  on joint petition of the applicant and the deputy director,  the court shall issue an order directing payment out of the mortgage recovery fund.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.17 - Deputy director's standing in court

6-991.17.
Deputy director's standing in court
The deputy director may enter an appearance,  file an answer,  appear at the court hearing,  defend the action or take whatever other action the deputy director considers appropriate on behalf and in the name of the mortgage recovery fund and take recourse through any appropriate method of review on behalf of,  and in the name of,  the mortgage recovery fund.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.18 - Subrogation of rights; collection

6-991.18.
Subrogation of rights;  collection
A. Before receiving payment from the fund,  a claimant must complete and execute,  as judgment creditor,  an assignment of judgment lien and notice of subrogation and assignment of rights to the claimant's judgment on a form provided by the department.
B. If the deputy director has paid from the mortgage recovery fund any sum to the judgment creditor,  the deputy director shall be subrogated to all of the rights of the judgment creditor and the judgment creditor shall assign all the rights,  title and interest in the judgment to the deputy director. The deputy director may record the assignment of judgment lien and notice of subrogation and assignment of rights. Any amount and interest recovered by the deputy director on the judgment shall be deposited in the fund.
C. If the deputy director is subrogated to a claimant's rights as judgment creditor,  the claimant shall not file a full or partial satisfaction of judgment without the deputy director's prior written consent.
D. The attorney general shall bring any actions to recover amounts paid from the fund,  including interest,  attorney fees and costs of collection,  pursuant to this article in the name of this state in the superior court in the county in which the violation occurred or in a county in which the deputy director maintains an office. A certified copy of a deputy director's order requiring payment from the fund may be filed in the office of the clerk of the superior court. The clerk shall treat the deputy director's order in the same manner as a judgment of the superior court. A deputy director's order so filed has the same effect and may be recorded,  enforced or satisfied in a similar manner,  as a judgment of the superior court. No filing fee is required under this subsection.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.20 - Effect of article on disciplinary action

6-991.20.
Effect of article on disciplinary action
This article does not limit the authority of the deputy director to take disciplinary action against any licensee for a violation of this chapter or of the rules adopted pursuant to this chapter. The repayment in full of all obligations to the fund by any licensee does not nullify or modify the effect of any other disciplinary proceeding brought pursuant to this chapter or the rules adopted pursuant to this chapter.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.21 - Financial services fund; use of fund

6-991.21.
Financial services fund;  use of fund
A. The financial services fund is established consisting of loan originator fees collected pursuant to this article. The deputy director shall administer the fund for the purpose of discharging the duties imposed by law on the division.
B. Monies deposited in the financial services fund are subject to section 35-143.01.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-991.22 - Noncompliance not to affect validity of loan

6-991.22.
Noncompliance not to affect validity of loan
Failure to comply with this article does not affect the validity or enforceability of any debt,  mortgage,  deed of trust or any other lien interest on real estate. A person acquiring a mortgage loan or any interest in a mortgage loan as mortgagee or beneficiary or as an assignee,  holder or transferee or as a pledgee or the holder of a security interest is not required to ascertain whether a violation of this article has occurred.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1001 - Definitions

6-1001.
Definitions
In this article,  unless the context otherwise requires:
1. " Lessee"  means a person contracting with a lessor for the use of a safe deposit repository.
2. " Lessor"  means a corporation or association authorized under the laws of this state,  any other state or the United States to do business as a bank,  trust company,  credit union or savings and loan association and maintaining safe deposit repositories for public use.
3. " Safe deposit repository"  or " repository"  means a safe deposit box or any other safe deposit receptacle and includes the lessor's vault space made available for use by the lessee in common with others for the storage of property or documents.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1002 - Legal relationship in use of safe deposit facilities

6-1002.
Legal relationship in use of safe deposit facilities
A. The relationship between the lessor and the lessee shall be that of landlord and tenant in the absence of a written contract to the contrary,  notwithstanding that the lessor prescribes the hours of entry into its repositories,  retains and requires the use of a preparation or guard key and in the case of vault storage reserves the right to change the space occupied by lessees' property or documents from time to time. The rights,  duties,  powers and privileges of the lessor in the transaction shall be that of landlord and for all purposes the lessee shall be deemed by law to be in possession of the repository and the contents thereof.
B. The lessor shall not be charged with knowledge of the contents of any repository. The lessor may limit its liability to the lessee by provisions contained in a lease,  except that the lessor shall be liable for the acts of its officers and employees for failure to exercise ordinary care.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1004 - Tenancy in two or more names

6-1004.
Tenancy in two or more names
A tenancy in a safe deposit repository may be created by contract with two or more persons,  including minors,  named as lessees. The terms of the contract may provide that any one or more of the lessees,  or the survivor or survivors of the lessees shall have access and entry to the repository and the right to remove the contents from the repository whether the other lessee or lessees be living,  incompetent or dead,  and the lessor shall not be liable for the removal of any contents.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1005 - Lease to a minor

6-1005.
Lease to a minor
A lease of a repository shall not be invalid or voidable by reason of the minority of the lessee or lessees and all rights and liabilities of the lessor and any lessee arising out of such transaction and any act of the parties in relation thereto shall be of the same legal effect as if the minor were of full legal age.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1006 - Adverse claims to repository; definitions

6-1006.
Adverse claims to repository;  definitions
A. Notice to the lessor of an adverse claim is not effectual to require the lessor to deny access to any person previously named on its records as lessee or as officer or agent of any lessee,  nor is it sufficient to require the lessor to allow access to the repository by any adverse claimant unless the lessor is directed to do so by the order of a court;  provided in the absence of such court order the lessor may refuse to allow access to any person.
B. For the purposes of this section:
1. " Adverse claim"  means a claim by a person who is not a named lessee to the right of access to a safe deposit repository or to all or part of the contents thereof. " Adverse claim"  also includes the conflicting claims of agents or officers of the lessee and the claim of any of several named lessees to the exclusive right of access to the repository contrary to the terms of the lease.
2. " Adverse claimant"  means any person asserting an adverse claim.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1007 - Lessee's death or incompetency; revocation of power of attorney

6-1007.
Lessee's death or incompetency;  revocation of power of attorney
Neither the death nor incompetency of a lessee revokes the authority of a lessor to deal with an agent who has been authorized in writing by such lessee until the lessor has actual knowledge of the fact of death or of an adjudication of incompetency of the lessee,  nor is the revocation of authority of such agent effective as to the lessor until the lessor receives written notice of the revocation signed by the individual lessee who granted the authority or,  in the case of a corporation,  partnership or association,  evidence satisfactory to the lessor of such revocation.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1008 - Procedure on death of lessee

6-1008.
Procedure on death of lessee
In the event only one lessee is named in the lease of a repository and the lessee dies,  or on the death of last surviving lessee under a tenancy in two or more names,  the repository may be opened by two employees of the lessor in the presence of any person who presents himself and claims to be interested in the contents. The employees may remove any document which appears to be of a testamentary nature and deliver it to any person named in the document as executor or to a clerk of the superior court. The employees may also remove any policies insuring the life of the deceased lessee and deliver them to the beneficiaries named in the policies. All other contents of the repository shall be retained by the lessor and shall be delivered only to the person legally entitled to them.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1009 - Lessor's lien; default of lessee; or failure to surrender

6-1009.
Lessor's lien;  default of lessee;  or failure to surrender
A. The lessor shall have a landlord's lien upon the contents of a repository for the rent.
B. If the lessee does not pay the rent within six months after it is due,  or fails to surrender possession of the repository within six months from the date of termination of the lease,  then the lessor,  after giving not less than sixty days' written notice to the lessee personally or by registered mail addressed to the latest address shown upon the safe deposit records of the lessor of its intention to sell the contents of the repository for the payment of rent and expenses,  may forcibly open the repository and in the presence of two of its employees remove and inventory the contents and seal them in a package which shall be placed in the general vaults of lessor at a rental not exceeding the rental previously charged for the repository;  provided,  the employees may deliver to a clerk of the superior court any document which appears to be of a testamentary nature. The lessor shall retain the contents for at least ninety days thereafter and may then foreclose its lien under section 33-1023 but the unclaimed surplus funds or property shall be disposed of under title 44,  chapter 3.
2023 Arizona Revised Statutes › Title 6 - Banks and Financial Institutions › § 6-1101 - Definitions

6-1101.
Definitions
In this chapter,  unless the context otherwise requires:
1. " Acquisition of control"  means a transaction by which a person obtains,  directly or indirectly,  control of a financial institution.
2. " Application"  means an application which is made pursuant to this article for approval of the deputy director to become a financial institution holding company.
3. " Control"  means direct or indirect ownership or power to vote twenty-five percent or more of the outstanding voting securities of a financial institution or controlling person or to control in any manner the election of a majority of the directors of a financial institution or controlling person. For the purposes of determining the percentage of voting securities owned,  controlled or held by a person,  there shall be aggregated with the voting securities attributed to the person the voting securities of any other person directly or indirectly controlling,  controlled by or under common control with the other person,  by any officer,  partner,  employee or agent of the person or by any spouse,  parent or child of the person.
4. " Controlling person"  means a person who is directly or indirectly in control of a financial institution.
5. " Financial institution"  means a bank,  trust company,  savings and loan association,  international banking facility and holding company of a bank,  trust company,  savings and loan association and international banking facility under the jurisdiction of the department.
6. " Financial institution holding company"  means a corporation,  trust,  association,  partnership or similar organization that directly or indirectly,  acting through one or more persons,  controls a financial institution or a controlling person.
7. " Voting security"  means any security presently entitling the owner or holder of the security to vote for the election of directors of a financial institution or controlling person,  excluding,  in the case of a savings and loan association,  votes attributable to savings accounts. A specified percentage of outstanding voting securities is the amount of the outstanding voting securities that entitles the holder or holders of the securities to cast that specified percentage of the aggregate votes that the holders of all outstanding voting securities are entitled to cast.