{"data":{"id":"us-az/a.r.s.-6-973","jurisdiction":"us-az","citation":"A.R.S. § 6-973","heading":"Licensing commercial mortgage bankers required; qualifications","body":"A. A person shall not act as a commercial mortgage banker without a license issued under this article.\n\nB. A person who engages in commercial mortgage banking need not be licensed under article 1 or 2 of this chapter or chapter 7 of this title if the person is licensed under this article.\n\nC. The deputy director shall not grant a commercial mortgage banker's license to a person, other than a natural person, who is not registered to do business in this state on the date the license is granted. The deputy director shall not issue to or renew a commercial mortgage banker's license of an applicant unless the applicant meets all of the requirements prescribed in subsection D of this section. The deputy director shall determine whether the applicant meets the requirements based on the application, and evidence presented at a hearing, if any, or any other evidence that the deputy director may have regarding the applicant's qualifications.\n\nD. In order to qualify for a commercial mortgage banker's license or a renewal of such a license an applicant shall:\n\n1. Have at least three years' experience in the commercial mortgage business or equivalent experience in a related business. If the applicant is not a natural person, the responsible individual as prescribed by section 6-976 shall meet this requirement.\n\n2. Have made in the past or intend to make or negotiate or offer to make or negotiate commercial mortgage loans.\n\n3. Provide the deputy director with a current audited financial statement or that of its parent company prepared by an independent certified public accountant according to generally accepted accounting principles including:\n\n(a) The certified public accountant's opinion as to the fairness of the presentation according to generally accepted accounting principles.\n\n(b) A balance sheet prepared within the immediately preceding six months and certified by the licensee. The deputy director may require a more recent balance sheet.\n\n(c) If the applicant has begun operations, a statement of operations and retained earnings and a statement of changes in financial position.\n\n(d) Notes to the financial statement if applicable.\n\n4. Have and maintain at all times a net worth of at least $100,000.\n\nE. Notwithstanding subsection D, paragraph 3 of this section, licensees and applicants whose own resources are derived exclusively from correspondent contracts with institutional investors shall provide the deputy director with a current financial statement or that of its parent company prepared according to generally accepted accounting principles including:\n\n1. A balance sheet prepared within the immediately preceding six months and certified by the licensee. The deputy director may require a more recent balance sheet.\n\n2. If the applicant has begun operations, a statement of operations and retained earnings and a statement of changes in financial position.\n\n3. Notes to the financial statement if applicable.","path":["Title 6 Banks and Financial Institutions"],"source_url":"https://www.azleg.gov/ars/6/00973.htm","current_through":"57th Legislature, 2nd Regular Session (effective 2027-01-01); mirror section count 24991","vintage":"2026-09-15","retrieved_at":"2026-09-26T04:29:04Z","sha256":"5f84b864b65be53375ae1d043a9d94e610f1702b01775e5a991e7e6019ce5fd5","source_id":"us-az","stale":false,"prev":"us-az/a.r.s.-6-972","next":"us-az/a.r.s.-6-974"},"notice":"GroundRules: Original legal text. Not legal advice."}