reglab/statecodes huggingface dataset:
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-816 - Termination of Trust or Fiduciary Powers and Duties

Current through Register Vol. 30, No. 28, July 12, 2024
A. Any trust
				department that wants to surrender its trust powers shall file with the
				Director a certified copy of the appropriate resolution of its board of
				directors or of the board's unanimous written consent. If, after investigation,
				the Director concludes that the trust department has no remaining fiduciary
				duties, the Director shall notify the trust department that it no longer has
				authority to exercise trust powers.
B. Any trust company that wants to surrender
				its certificate of authority to conduct trust business and wind up its affairs
				shall file with the Director a certified copy of the appropriate resolution of
				its board of directors or of the board's unanimous written consent. Upon
				receipt of the resolution or consent, the Director shall cancel the trust
				company's certificate of authority, and the trust company shall not accept new
				trust accounts.
C. After winding up
				its affairs, any trust company that wants to surrender its rights and
				obligations as a fiduciary and remove itself from the Director's supervision
				shall file with the Director a certified copy of the appropriate resolution of
				its board of directors or of the board's unanimous written consent. If, after
				investigation, the Director concludes that the trust company has no further
				fiduciary duties, the Director shall notify the trust company that it no longer
				has authority to exercise fiduciary powers.
D. Any trust department or trust company that
				surrenders its powers, rights, obligations, or certificate under this Section
				or that has them cancelled, suspended, or revoked shall continue to be
				regulated under A.R.S. §
									6-864 and this Article until it
				winds up its affairs. No action under this Section impairs any liability or
				cause of action, existing or incurred, against any trust department or trust
				company or its stockholders, directors, or officers.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-903 - Exemption for an Entity Regulated by an Agency of this State, Other States, or by the United States

Current through Register Vol. 30, No. 28, July 12, 2024
A. The
				exemption under A.R.S. §
									6-902(A)(1)
				 only applies to a person whose offers to
				make or negotiate a mortgage loan, as defined in A.R.S. §
									6-901, and all
				mortgage loans made or negotiated by the person are regulated directly by an
				agency of this state, any other state, or the United States.
B. The required regulation of the
				transactions listed in subsection (A) includes:
1. Rules governing a claimant's accounting
				and recordkeeping practices;
2. The
				authority to examine a claimant's books and records relating to its mortgage
				lending activities; and
3. The
				ability to place a claimant in a receivership or conservatorship with regard to
				the claimant's mortgage lending activities.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-906 - Equivalent and Related Experience

Current through Register Vol. 30, No. 28, July 12, 2024
A. An applicant may satisfy the three years'
				experience requirement of A.R.S. §
									6-903
				by the types of lending-related experience listed in this subsection. The
				Department counts each month in the following types of work experience toward
				the three years required for a mortgage broker license, under A.R.S. §
									6-903(B),
				or as a responsible individual, under A.R.S. §
									6-903(E).
				The Department counts a fractional month of experience, at least 15 days long,
				as a full month.
1. Mortgage broker with an
				Arizona license, responsible individual, or branch manager for a
				licensee;
2. Mortgage banker with
				an Arizona license, responsible individual, or branch manager for a
				licensee;
3. Loan officer with
				responsibility primarily for loans secured by lien interests on real
				property;
4. Lender's branch
				manager with responsibility primarily for loans secured by lien interests on
				real property;
5. Mortgage broker
				with license from another state, or responsible individual for a mortgage
				broker licensed in another state;
6. Mortgage banker with license from another
				state, or responsible individual for a mortgage banker licensed in another
				state;
7. Attorney certified by any
				state as a real estate specialist.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-907 - Course of Study

Current through Register Vol. 30, No. 28, July 12, 2024
A. A course of
				study shall be satisfactorily completed if the applicant has:
1. Attended at least 24 hours of class,
				and
2. Received a passing grade on
				the final exam.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-911 - Qualified Replacement Responsible Individual

Current through Register Vol. 30, No. 28, July 12, 2024
If a licensee chooses an individual to serve as a replacement
				  responsible individual and that individual has not satisfactorily completed the
				  course of study required by A.R.S. §
									6-903(B)(2)
				   or passed the mortgage broker examination
				  required by A.R.S. §
									6-903(B)(3),
				  and is not given the opportunity to do so prior to the expiration of the 90-day
				  time period provided in A.R.S. §
									6-903(F),
				  but otherwise meets the requirements of A.R.S. §
									6-903(B),
				  the individual shall be qualified as a replacement responsible individual until
				  the next course of study has been held and, if the person successfully
				  completes the course of study, until the mortgage broker examination next
				  following the completion of the course of study has been held and the results
				  of the examination are available. If the individual fails to satisfactorily
				  complete the course of study or fails the mortgage broker examination, the
				  licensee shall then have a new 90-day time period within which to place itself
				  under the active management of a qualified responsible individual.
				  Notwithstanding the foregoing, a licensee shall have no longer than 180 days
				  within which to place the license under the active management of a qualified
				  responsible individual unless the Superintendent grants additional time to the
				  licensee for good cause shown.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-912 - Restrictions on the Term of a Cash Alternative

Current through Register Vol. 30, No. 28, July 12, 2024
If an applicant or a licensee elects to place with the
				  Superintendent a deposit in the form of a certificate of deposit or investment
				  certificate, in addition to the requirements of A.R.S. §
									6-903(J),
				  the certificate of deposit or investment certificate shall not be renewable,
				  nor expire, earlier than 12 months from the date of issuance.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-915 - Requirements for a Person Intended to Oversee a Branch Office

Current through Register Vol. 30, No. 28, July 12, 2024
A person designated to oversee the operations of a branch
				  office shall be knowledgeable about the branch activities of the licensee,
				  shall supervise compliance by the branch with applicable law and rules, and
				  shall have sufficient authority to ensure such compliance. One person may
				  oversee more than one branch.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-916 - Notification of Change of Address

Current through Register Vol. 30, No. 28, July 12, 2024
If the address of the principal place of business or of any
				  branch office is changed, the licensee shall notify the Superintendent of the
				  change within five business days after the occurrence of the change of
				  location. Together with such notice, the licensee shall provide to the
				  Department the license for the office changing addresses together with the fee
				  required by A.R.S. §
									6-126
				  for changing the address of an office. A copy of such license shall continue to
				  be displayed at the place of business until a new license is
				  issued.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-917 - Recordkeeping Requirements

Current through Register Vol. 30, No. 28, July 12, 2024
A. The
				Superintendent shall approve a licensee's use of a computer or mechanical
				recordkeeping system if the licensee gives the Superintendent advanced written
				notice that it intends to do so. The Department shall not require a licensee to
				keep a written copy of the records if the licensee can generate all information
				required by this Section in a timely manner for examination or other purposes.
				A licensee may add, delete, modify, or customize an approved computer or
				mechanical recordkeeping system's hardware or software components. When
				requested, or in response to a written notice of an examination, a licensee
				shall report to the Superintendent any alteration in the approved system's
				fundamental character, medium, or function if the alteration changes:
1. Any approved computer or mechanical system
				back to a paper-based system;
2. An
				approved mechanical system to a computer system; or
3. An approved computer system to a
				mechanical system.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-919 - Deposit of Monies Received by a Mortgage Broker

Current through Register Vol. 30, No. 28, July 12, 2024
All monies received by a mortgage broker which are required
				  to be deposited into an escrow account with an escrow agent licensed pursuant
				  to A.R.S. §
									6-801 et seq. shall
				  be so deposited by 5:00 p.m. on the next business day after receipt of the
				  funds.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-920 - Requirements for the Testing Committee

Current through Register Vol. 30, No. 28, July 12, 2024
A. No licensee shall submit more than five
				names as nominees to serve on the testing committee. The resumes of the
				nominees shall be included. The names and resumes shall be submitted to the
				Superintendent no later than August 1 of each even- numbered year. On or before
				September 30 of each even- numbered year, the Superintendent shall appoint four
				persons from the nominees submitted and one employee of the Department as
				members of the testing committee. A person may serve more than one two-year
				term. If the Superintendent does not find at least four persons from the list
				to be acceptable, the Superintendent shall solicit additional nominees from
				licensees.
B. In the event of a
				vacancy on the testing committee, the remaining members of the committee shall
				submit a list of nominees within 45 days of the vacancy to the Superintendent
				containing not less than two nominees for each vacancy. The Superintendent
				shall then appoint a nominee from the list to fill each vacancy for the
				remainder of the term. If the Superintendent does not find at least one person
				from the list to be acceptable to fill each vacancy, the remaining members of
				the committee shall, upon request, submit an additional list of nominees to the
				Superintendent.
C. The
				Superintendent may remove any member of the committee at any time without
				cause.
D. The committee shall
				review and revise questions on the test not less than once every two years. All
				questions used on the test shall first be submitted to and approved by the
				Superintendent.
E. The committee
				shall inform the applicant of the applicant's score on the test in writing
				within 30 days of administration of the test.
F. The handbook for mortgage brokers shall be
				updated by the committee as necessary to reflect changes in the law.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-921 - Authorizations to Complete Blank Spaces

Current through Register Vol. 30, No. 28, July 12, 2024
An authorization, under A.R.S. §
									6-909, allowing a
				  licensee or escrow agent to complete certain blank spaces in a document after
				  it is signed by a party to the transaction shall:
1. Specifically identify the document and the
				blank spaces to be completed;
2. Be
				in writing, dated, and signed by the authorizing parties; and
3. Contain the following notice,
				conspicuously printed on its face: YOUR SIGNATURE BELOW AUTHORIZES YOUR
				MORTGAGE BROKER OR ESCROW AGENT TO FILL IN SPACES YOU LEFT BLANK IN SPECIFIED
				LOAN DOCUMENTS YOU ARE ABOUT TO SIGN OR MAY HAVE ALREADY SIGNED. UNDER STATE
				LAW YOU CAN GIVE THIS AUTHORITY, BUT YOU ARE NOT REQUIRED TO DO SO. YOU CAN
				REFUSE TO SIGN ANY DOCUMENTS UNTIL ALL BLANKS ARE COMPLETELY FILLED
				IN.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-922 - Determining Loan Amounts

Current through Register Vol. 30, No. 28, July 12, 2024
In determining the amount of a mortgage loan pursuant to
				  A.R.S. §
									6-909(D) or
				  (G), only the principal amount of the loan
				  shall be considered and not any points, interest, finance charges, insurance
				  premiums of any kind, compensation paid to third parties or compensation
				  retained by the mortgage broker or its agents.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-923 - Delay or Cause Delay

Current through Register Vol. 30, No. 28, July 12, 2024
A mortgage broker shall not be deemed to have delayed or
				  caused delay if such delay occurs due to events outside the control of the
				  mortgage broker.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-924 - Receipt and Disbursement of Monies

Current through Register Vol. 30, No. 28, July 12, 2024
A licensee is not receiving or disbursing monies in servicing
				  or arranging a mortgage loan if the licensee, at the request of the lender or
				  servicing agent, on an infrequent basis, assists in the collection or servicing
				  of a mortgage loan by receiving from the borrower a check or draft payable to
				  the lender or servicing agent and forwarding such instrument to the lender or
				  servicing agent not later than 5:00 p.m. on the next business day after receipt
				  by the licensee. For the purposes of this rule, an infrequent basis means, with
				  regard to a particular loan, for not more than 25% of the regularly scheduled
				  payments of the mortgage loan during any calendar year.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-925 - Waiver of Examination and Course of Study

Current through Register Vol. 30, No. 28, July 12, 2024
The Superintendent's waiver of the examination and course of
				  study requirement under A.R.S. §
									6-903
				  extends to a person designated as a responsible individual by either an
				  applicant or a licensee under A.R.S. §
									6-903.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-926 - Acquisition of Additional Interest in Licensee by Majority Owner

Current through Register Vol. 30, No. 28, July 12, 2024
A person that owns 51% or more of a licensee's outstanding
				  voting equity interests, and that acquires the power to vote additional
				  fractional equity interests, shall deliver written notice of the acquisition to
				  the Superintendent. The person shall deliver the notice before completing the
				  acquisition. Within 10 days after completing the acquisition, the person shall
				  deliver documentation evidencing the acquisition to the
				  Superintendent.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-927 - Conversion to Commercial Mortgage Broker License

Current through Register Vol. 30, No. 28, July 12, 2024
A. Under A.R.S. §
									6-913,
				a mortgage broker licensee shall only be permitted to convert his or her
				license to a commercial mortgage broker license during the renewal period
				established by A.R.S. §
									6-904.
B. The licensee seeking conversion shall not
				be subject to the 12 continuing education units as prescribed by A.R.S. §
									6-903(V).
C. The licensee seeking conversion shall
				submit:
1. The renewal fees required by A.R.S.
				§
										6-126
				for commercial mortgage brokers, and
2. The information and documents required by
				A.R.S. §
										6-903.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 9 - MORTGAGE BROKERS › Section R20-4-928 - Certificate of Exemption Application and Renewal

Current through Register Vol. 30, No. 28, July 12, 2024
A. Under A.R.S. §
									6-912(C),
				upon application for a certificate of exemption, an applicant shall pay a
				nonrefundable fee of $300.
B. A
				person holding a certificate of exemption shall pay a renewal fee of $150.00 on
				or before December 31 of each year. Certificates of exemption not renewed by
				December 31 are automatically suspended, and the certificate holder shall not
				act as a registered exempt person until the certificate is renewed or a new
				certificate is issued pursuant to A.R.S. §
									6-912.
				While the certificate is suspended, the licensed loan originators sponsored by
				the registered exempt person may not transact business as a loan originator. A
				registered exempt person may renew an automatically suspended certificate by
				paying the renewal fee plus $25.00 for each day after December 31 that a
				renewal fee is not received by the Superintendent and applying for renewal as
				prescribed by the Superintendent. A certificate of exemption that is not
				renewed by January 31 expires. A certificate of exemption shall not be granted
				to the holder of an expired certificate of exemption except as provided in
				A.R.S. §
									6-912
				for the issuance of an original certificate of exemption. Each licensed loan
				originator that is sponsored by a registered exempt person whose certificate
				has expired shall have his or her license placed on inactive status and shall
				not transact business in Arizona as a loan originator pursuant to A.R.S. §
									6-991.02(M).
C. In addition to the application fee, on
				issuance of the certificate of exemption, the Superintendent shall collect the
				first year's renewal fee prorated according to the number of quarters remaining
				until the date of the next annual renewal, as required by A.R.S. §
									6-126(B).
D. The following fees are payable to the
				Department:
1. To change the name of the
				federally chartered savings bank on a certificate of exemption:
				$250.00.
2. To change the
				responsible individual for the exempt entity: $250.00.
3. To issue a duplicate or replace a lost
				certificate of exemption: $100.00.
4. To change the address of the federally
				chartered savings bank on a certificate of exemption: $50.00.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 10 - SAFE DEPOSIT AND SAFEKEEPING CODE › Section R20-4-1001 - Notice of Change of Location of Safe Deposit Repository

Current through Register Vol. 30, No. 28, July 12, 2024
A. A
				corporation or association that moves a repository shall give written notice of
				the location change to the Director and to its customers.
1. A corporation or association shall provide
				notice of the location change to the Director by mailing the notice required
				under this subsection by first class mail no less than 30 days before the
				scheduled moving date. The corporation or association shall include a copy of
				the notice to customers required under subsection (B).
2. A corporation or association shall provide
				notice of the location change to its customers by:
a. Publishing notice of the change of
				location in:
i. An English language newspaper
				of general circulation in the county where the repository will be
				closed,
ii. In a weekly newspaper
				for two consecutive publications, or
iii. In a daily newspaper for three
				consecutive days; and
b.
				Publishing the notice no more than 90 days, and no less than 30 days, before
				the scheduled moving date.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 11 - PUBLIC DEPOSITORIES FOR PUBLIC MONIES › Section R20-4-1101 - Capital Structure of Banks; Defined

Current through Register Vol. 30, No. 28, July 12, 2024
"Capital structure" as the term is applied to banks under
				  Article 2.1, Chapter 2, Title 35, Arizona Revised Statutes, means the sum of
				  the following reserves and capital accounts of the institution as stated in the
				  institution's report of condition required by the supervisory banking authority
				  for the year end next preceding the institution's bid for deposit:
1. Reserve for bad debt losses on
				loans,
2. Other reserves on
				loans,
3. Reserves on
				securities,
4. Capital notes and
				debentures,
5. Preferred stock --
				total par value,
6. Common stock --
				total par value,
7.
				Surplus,
8. Undivided profits,
				and
9. Reserve for contingencies
				and other capital reserves.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 12 - RULES OF PRACTICE AND PROCEDURE BEFORE THE DIRECTOR › Section R20-4-1201 - Scope of Article; Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
A. Scope. This
				Article, Title 6, Title 32, Chapters 9 and 36, and Title 44, Chapter 2.1 of the
				Arizona Revised Statutes govern administrative hearings before the Department.
				The Department shall use the authority of A.R.S. Title 41, Chapter 6, Article
				10, the Office of Administrative Hearings' procedural rules and this Article to
				govern the initiation and conduct of administrative hearings. In an
				administrative hearing, special procedural requirements in state statute or
				another Section in this Article shall also govern the proceedings unless the
				requirements are inconsistent with either A.R.S., Title 41, Chapter 6, Article
				10, the Office of Administrative Hearings' rules, or this Article. Except as
				otherwise provided in Section
				R20-4-1220 for
				rulemaking petitions, this Article does not apply to rulemaking or to
				investigative proceedings before the Director. Unless expressly applicable by
				rule or statute, the Arizona Rules of Civil Procedure do not apply to
				administrative hearings.
B. In
				addition to the definitions provided in A.R.S. §§
									41-1001
				and
				41-1092,
				the following terms apply to this Article:
"Administrative Hearing" means an appealable agency action
				  as defined by A.R.S. §
										41-1092(3)
				   or a contested case as defined by A.R.S.
				  §
										41-1001(5)
				   subject to A.R.S. Title 41, Chapter 6,
				  Article 10.
"Attorney General" means the Attorney General of Arizona,
				  and the Attorney General's assistants and special agents.
"Department" means the Arizona Department of Insurance and
				  Financial Institutions - Financial Institutions Division.
"Director" has the meaning stated at A.R.S. §
										20-102.
"Party" has the meaning prescribed at A.R.S. §
										41-1001(16)
				   and includes any person or entity subject to
				  the jurisdiction of the Department under A.R.S. Title 6, Title 32 - Chapter 9,
				  Title 32 - Chapter 36, and Title 44 - Chapter 2.1.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 12 - RULES OF PRACTICE AND PROCEDURE BEFORE THE DIRECTOR › Section R20-4-1202 - Appearance and Practice before the Director for Administrative Hearings

Current through Register Vol. 30, No. 28, July 12, 2024
A. A party may appear on their own behalf or
				through counsel.
B. When an
				attorney other than the Attorney General appears or intends to appear before
				the Director or the Department, they shall promptly disclose their name and
				contact information and the name and contact information of the party on whose
				behalf they intend to appear.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 12 - RULES OF PRACTICE AND PROCEDURE BEFORE THE DIRECTOR › Section R20-4-1204 - Filing; Service

Current through Register Vol. 30, No. 28, July 12, 2024
A. A document filed
				by a party with the Department is filed on the date it is received by the
				Department as established by the Department's earliest stamped date on the face
				of the document or by some other method of affixing a received date by the
				Department.
B. If a party is
				represented by an attorney, service is effectuated by service upon the attorney
				unless additional service upon the represented party is required by an
				administrative law judge or the Department.
C. A document is served upon a party as
				provided for under A.R.S. §
									41-1092.04
				and Section
				R2-19-108. A
				party effectuating service is responsible for producing proof of service if
				requested by the Department.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 12 - RULES OF PRACTICE AND PROCEDURE BEFORE THE DIRECTOR › Section R20-4-1209 - Answer to Notice of an Administrative Hearing

Current through Register Vol. 30, No. 28, July 12, 2024
A. The Department
				may, in a notice of hearing, direct one or more parties to file a written
				answer to the allegations contained in the notice of hearing. Even if not
				directed to do so, any party to the proceeding may file an answer.
B. A party directed to file an answer shall
				do so within 20 days after issuance of a notice of hearing, unless the notice
				of hearing states a different period for the answer. The Department may require
				any party to answer, in a reasonable time, amendments to the assertions in the
				notice made after service of the original notice.
C. An answer filed under this Section shall
				briefly state the party's position or defense to the proceeding and shall
				specifically admit or deny each of the allegations in the notice of hearing. An
				answering party who does not have, or cannot easily obtain, knowledge or
				information sufficient to admit or deny an allegation shall state that
				inability which shall have the effect of a denial. Any allegation not denied is
				admitted. A party who intends to deny only a part of an allegation, shall
				expressly admit as much of that allegation as is true and shall deny the
				remainder.
D. A party who fails to
				file an answer required by this Section within the time allowed is in default.
				The Director may resolve the proceeding against a defaulting party. In doing
				so, the Director may regard any allegations in the notice of hearing as
				admitted by the defaulting party.
E. Defenses not raised in the answer are
				waived.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 12 - RULES OF PRACTICE AND PROCEDURE BEFORE THE DIRECTOR › Section R20-4-1210 - Stay Pending a Hearing

Current through Register Vol. 30, No. 28, July 12, 2024
A person aggrieved by the Department's action or order who
				  files a timely written request for a hearing may ask, in the request for a
				  hearing, that the Director stay an action or any part of an order that will
				  become effective before a hearing. The Director may, in the Director's
				  discretion, stay the legal effectiveness of any action or order until the
				  matter can be heard and finally decided if the aggrieved person's request
				  demonstrates that:
1. The person has a
				reasonable defense that might prevail on the merits at the hearing,
2. The person will suffer irreparable injury
				unless the Director grants the stay,
3. The stay would not substantially or
				irreparably harm other interested persons, and
4. The stay would not jeopardize the public
				interest or contravene public policy.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 12 - RULES OF PRACTICE AND PROCEDURE BEFORE THE DIRECTOR › Section R20-4-1220 - Petition for Rulemaking Action

Current through Register Vol. 30, No. 28, July 12, 2024
A. The following
				definitions apply in this Section.
1.
				"Petitioner" means a person who petitions the Department for Rulemaking action
				as authorized under A.R.S. §
										41-1033(A).
2. "Rule" has the meaning stated at A.R.S.
				§
										41-1001
				and is enforceable by the Department.
3. "Rulemaking action" means the process for
				formulation and finalization of a new rule, or amendment or repeal of an
				existing rule.
4. "Substantive
				Policy Statement" has the meaning stated at A.R.S. §
										41-1001,
				is advisory only, and is not enforceable by the Department.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 13 - LOAN ORIGINATORS › Section R20-4-1301 - Scope of Article

Current through Register Vol. 30, No. 28, July 12, 2024
This Article applies to:
1. All loan originating activities of any
				person licensed under Arizona law as a loan originator, and
2. The conduct of any applicant for a loan
				originator license.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 13 - LOAN ORIGINATORS › Section R20-4-1302 - Course of Study to Qualify for Licensure

Current through Register Vol. 30, No. 28, July 12, 2024
A. The Superintendent shall, under the
				authority of A.R.S. §
									6-991.03(B)(1),
				approve a course of study that includes only those courses reviewed and
				approved by the Nationwide Mortgage Licensing System pursuant to A.R.S. §
									6-991.03(E)
				and (F) and the Secure and Fair Enforcement
				for Mortgage Licensing Act of 2008 (
				P.L.
				110-289; 122 Stat. 2810;
				12
				U.S.C. 5101 through
				5116
				).
B. An applicant for a loan
				originator license shall satisfactorily complete a course of study by:
1. Attending at least 20 hours of
				instruction, and
2. Receiving a
				passing grade of not less than 75 percent correct answers on both the national
				and Arizona state exam required by A.R.S. §
										6-991.07
				and the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (
				P.L.
				110-289; 122 Stat. 2810;
				12
				U.S.C. 5101 through
				5116
				).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 13 - LOAN ORIGINATORS › Section R20-4-1303 - Financial Responsibility

Current through Register Vol. 30, No. 28, July 12, 2024
An applicant for a loan originator license shall demonstrate
				  financial responsibility, as required by A.R.S. §
									6-991.03,
				  by either:
1. Depositing with the
				Superintendent a bond as specified by A.R.S. §
									6-991.03(B)(4)
				 and paying to the Superintendent, for
				deposit into the Mortgage Recovery Fund, the sum of $100 at the time of filing
				an original or a renewal application pursuant to A.R.S. §
									6-991.03(B)(6);
				or
2. Depositing with the
				Superintendent a bond as specified by A.R.S. §
									6-991.03(B)(4)
				 and depositing with the Superintendent a
				bond as specified by A.R.S. §
									6-991.03(B)(6).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 13 - LOAN ORIGINATORS › Section R20-4-1304 - Fees

Current through Register Vol. 30, No. 28, July 12, 2024
Loan Originator program fees:
1. Initial application fee (non-refundable)
				pursuant to A.R.S. §
									6-126(A)(33):
				$350,
2. Initial license fee
				(prorated according to the number of quarters remaining until the next annual
				renewal) pursuant to A.R.S. §
									6-126(B):
				$150,
3. Annual renewal fee
				pursuant to A.R.S. §
									6-126(C)(12)
				 or fee for change to inactive status
				pursuant to A.R.S. §§
									6-126(C)(13)
				 and
				6-991.04(G):
				$150,
4. Transfer license to new
				employer fee pursuant to A.R.S. §
									6-126(A)(34):
				$50,
5. Change of residence address
				fee pursuant to A.R.S. §
									6-991.04(J):
				$50,
6. Examination fee pursuant to
				A.R.S. §
									6-991.07(E):
				the amount charged by the vendor,
7. Late renewal fee pursuant to A.R.S. §
									6-991.04(E):
				$25 per day after the filing deadline.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 13 - LOAN ORIGINATORS › Section R20-4-1305 - Practice and Procedure

Current through Register Vol. 30, No. 28, July 12, 2024
Loan originators shall follow the practice outlined in 20
				  A.A.C. 4, Article 12 (Rules of Practice and Procedure Before the
				  Superintendent) for challenging information the Superintendent enters into the
				  Nationwide Mortgage Licensing System and Registry pursuant to A.R.S.
				  §§
									6-991.03(K)
				   and
				  6-991.04(M).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 14 - INVESTIGATIONS › Section R20-4-1401 - Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
In this Article, unless the context otherwise
				  requires:
1. "Examination" means
				reviewing an applicant's or licensee's operations, books, and records for any
				lawful purpose, including those listed in A.R.S. §
									6-124(A).
2. "Investigation" means an inquiry, other
				than an examination, into the affairs of a licensed or unlicensed entity
				including a review of the entity's operations, books, and records, conducted by
				the Director for any lawful purpose, including those listed in A.R.S. §
									6-124(A).
3. "Licensee" means a financial institution
				or enterprise licensed with the Department.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 14 - INVESTIGATIONS › Section R20-4-1403 - Subpoenas: Service; Amendment; Investigation or Examination not a Condition of the Director's Subpoena Power

Current through Register Vol. 30, No. 28, July 12, 2024
The Director may serve a subpoena using any means intended to
				  effectuate delivery of the subpoena. A Department employee, or an attorney or
				  agent of the Attorney General's office, may accomplish service for the
				  Director. The Director may amend a subpoena at any time, and may serve the
				  amended subpoena as provided in this Section. Under A.R.S. §§
									6-123(3),
				  6-124(B), and
				  12-2212, the Director may compel
				  testimony or document production, by subpoena or other means, regardless of
				  whether an examination or investigation is in progress.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 14 - INVESTIGATIONS › Section R20-4-1405 - Background Information

Current through Register Vol. 30, No. 28, July 12, 2024
A. In connection
				with an examination or investigation, the Director may investigate the
				following persons' background:
1. An
				applicant or a licensee, or a person whom the Director reasonably believes may
				be violating any statute or rule administered by the Director; and
2. An officer, director, agent, employee,
				partner, joint venturer, affiliate, or other person associated with a person
				described in subsection (A)(1), if the other person has or had any involvement
				in or control over the activities of the person described in subsection
				(A)(1).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 15 - COLLECTION AGENCIES › Section R20-4-1501 - Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
In this Article, unless the context otherwise
				  requires:
1. "Account" means a
				contractual arrangement between a client and a collection agency that obligates
				the collection agency to attempt to collect one or more debts on the client's
				behalf.
2. "Active Manager" means
				the person who is in active management of the conduct of the collection
				agency's business, and who meets the qualifications listed in A.R.S. §
									32-1023(A).
3. "Client" means a person who has hired a
				collection agency to collect a debt.
4. "Collection agency" has the meaning in
				A.R.S. §
									32-1001(2).
5. "Contact" means to communicate with, and
				includes attempted communications.
6. "Credit bureau" or "credit reporting
				agency" means any person engaged exclusively in the business of gathering,
				recording, and disseminating information about the credit-worthiness, financial
				responsibility, paying habits, and character of persons being considered for
				credit extension.
7. "Creditor"
				means a person who offers or extends credit creating a debt, or to whom a debt
				is owed. The term does not include a person that receives an assignment or
				transfer of a defaulted debt solely for use in collecting the debt for someone
				else.
8. "Debt" means a debtor's
				actual or claimed obligation to pay money, whether or not the obligation has
				been reduced to judgment.
9.
				"Debtor" means a person obligated to pay a debt. The term also means a person
				claimed to be obligated to pay a debt.
10. "Director" has the meaning stated at
				A.R.S. §
									20-102.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 15 - COLLECTION AGENCIES › Section R20-4-1502 - Applications

Current through Register Vol. 30, No. 28, July 12, 2024
A. An applicant
				for a license shall complete and file an application, as required by the
				Department, by delivering the application to the Director, together with the
				following documents and payment:
1. The bond
				required by A.R.S. §
										32-1021;
2. The nonrefundable investigation fee and
				original license fee required by A.R.S. §
										32-1028 and stated in A.R.S.
				§
										6-126;
3. A current financial statement in the form
				required by the Department;
4. A
				certified copy of the current articles of incorporation, by-laws, partnership
				agreement, or other organizational documents under which the applicant proposes
				to conduct business; and
5. A
				statement of personal history for each principal officer, partner, and manager
				of the applicant, in the form required by the Department.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 15 - COLLECTION AGENCIES › Section R20-4-1503 - Reports

Current through Register Vol. 30, No. 28, July 12, 2024
A
				  collection agency shall notify the Director in writing of any change in the
				  officers, directors, partners, or active manager of the collection agency not
				  more than 10 days after the change. With the notice, the collection agency
				  shall provide the Director with a Statement of Personal History for each new
				  officer, director, partner, or active manager on a form obtained from the
				  Department.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 15 - COLLECTION AGENCIES › Section R20-4-1504 - Records

Current through Register Vol. 30, No. 28, July 12, 2024
A. A licensee
				may keep its books, accounts, and records as electronic records if the licensee
				can generate all information and copies required by this Section within the
				timeframe set by the Department for examination or other purposes.
B. All licensees shall keep and maintain
				books, accounts, and records adequate to provide a clear and readily
				understandable record of all business conducted by the collection agency,
				including:
1. Records or books of account
				listing all clients' accounts. Each account shall reflect its true condition at
				each calendar month's end, and shall include:
a. The client's name and address;
b. Each debtor's name worked for collection
				in that month;
c. The amount,
				description, and date of each debit and each credit to the account;
				and
d. The balance due to, or owing
				from, the client.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 15 - COLLECTION AGENCIES › Section R20-4-1505 - Trust Account

Current through Register Vol. 30, No. 28, July 12, 2024
A. A licensee
				that maintains an office in Arizona shall deposit all funds collected for a
				client in a trust account at a federally insured depository institution in
				Arizona. A licensee that does not maintain an office in Arizona shall deposit
				all funds collected for a client in a trust account at a federally insured
				depository institution in the state where the licensee maintains its principal
				office. A licensee shall deposit all client funds before the close of its
				business on the third business day after the licensee receives the funds.
				Client funds shall remain on deposit as required by this Section until:
1. Paid over to a client, or
2. Otherwise paid as provided in this
				Section.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 15 - COLLECTION AGENCIES › Section R20-4-1506 - Articles of Incorporation; Bylaws; Organizing Documents

Current through Register Vol. 30, No. 28, July 12, 2024
A. A collection
				agency organized as a corporation shall file with the Director a copy of each
				amendment to its articles of incorporation within 30 days after the amendment
				is adopted. Before filing with the Director, an officer of the collection
				agency shall certify the copy filed in compliance with this Section, in
				writing, signed by the certifying officer, attesting to the completeness,
				accuracy, and authenticity of the certified copy.
B. A collection agency organized as a
				corporation shall file with the Director a copy of each amendment to its bylaws
				within 10 days after the amendment is adopted. An officer of the collection
				agency shall certify the copy filed in compliance with this Section, in
				writing, attesting to the completeness, accuracy, and authenticity of the
				certified copy.
C. A collection
				agency not organized as a corporation shall file with the Director a copy of
				each amendment to its organizing documents within 10 days after the amendment
				is adopted. A partner, active manager, or agent of the collection agency shall
				certify the copy filed in compliance with this Section, in writing, attesting
				to the completeness, accuracy, and authenticity of the certified
				copy.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 15 - COLLECTION AGENCIES › Section R20-4-1507 - Representations of Collection Agency's Identity

Current through Register Vol. 30, No. 28, July 12, 2024
In all communications with debtors, either orally or in
				  writing, all the following rules apply:
1. A collection agency shall represent itself
				as a collection agency,
2. A
				collection agency shall not directly or indirectly claim to be a credit
				reporting agency or credit bureau if it is not,
3. A collection agency shall not directly or
				indirectly claim to be a law enforcement agency, and
4. A collection agency shall not directly or
				indirectly claim to be a law firm.