Bill Text: AZ HB2004 | 2011 | Fiftieth Legislature 1st Regular | Engrossed

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Bill Title: Commercial mortgage brokers; license conversion

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-04-06 - Governor Signed [HB2004 Detail]

Download: Arizona-2011-HB2004-Engrossed.html

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House Engrossed

 

 

 

 

State of Arizona

House of Representatives

Fiftieth Legislature

First Regular Session

2011

 

 

HOUSE BILL 2004

 

 

 

AN ACT

 

amending title 6, chapter 9, article 1, Arizona Revised Statutes, by adding section 6‑912; relating to mortgage brokers.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 6, chapter 9, article 1, Arizona Revised Statutes, is amended by adding section 6-912, to read:

START_STATUTE6-912.  Conversion to commercial mortgage broker license

Notwithstanding section 6‑903, a person who holds a mortgage broker license may convert it to a commercial mortgage broker license by applying in a manner prescribed by the superintendent by rule.  The approval of the conversion is at the discretion of the superintendent. END_STATUTE

Sec. 2.  Exemption from rule making

For the purposes of section 1 of this act, the department of financial institutions is exempt from the rule making requirements of title 41, chapter 6, Arizona Revised Statutes, for one year after the effective date of this act.

Sec. 3.  Retroactivity

Section 1 of this act is effective retroactively to September 30, 2009.