State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title6 > 6-991.07

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 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. This article and the rules adopted under this article.

4. The arithmetical computations common to mortgage brokerage.

5. The principles of real estate lending.

6. The general purposes and legal effect of mortgages, deeds of trust and security agreements.

7. The terms and conditions of conforming and nonconforming residential mortgage products.

8. The principles of appraisal independence.

B. The examination is subject to the superintendent'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 committee or the department's designee shall inform the applicant of the result of the examination within thirty days of the examination.

E. The superintendent may determine the fee for each examination. The superintendent may contract for the examination for the licensing of applicants. If the superintendent 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 superintendent.