PREFILED    DEC 16 2010

REFERENCE TITLE: commercial mortgage brokers; license conversion

State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011

HB 2004

Introduced by Representative Kavanagh

 

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.