Ariz. Admin. Code § 20-4-906

Current through Register Vol. 30, No. 48, November 29, 2024

Section R20-4-906 - Equivalent and Related Experience

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.

B. An applicant with insufficient actual experience of the types listed in subsection (A) may satisfy the remainder of the three years' experience requirement of A.R.S. § 6-903 by the types of related experience listed in this subsection. The Department counts each month in the following types of work experience according to the ratio listed below, of actual experience to equivalent experience, credited towards qualifying for a 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. An applicant receives credit in only one area listed and for not more than three years' actual experience. The remaining years of experience required to qualify for a license shall be obtained from types of work experiences listed in subsection (A).

1. Attorney without state bar certified real estate specialty...3:2

2. Paralegal with experience in real estate matters...3:2

3. Loan underwriter ...3:2

4. Mortgage broker or mortgage banker from another state without license...3:2

5. Real estate broker with an Arizona license or license from a state with substantially equivalent licensing requirements...3:2

6. Escrow officer ...3:2

7. Trust officer with a title company...3:2

8. Executive, supervisor, or policy

maker involved in administering or

operating a mortgage-related business...3:1.5

9. Title officer with a title company...3:1.5

10. Real estate broker, not qualified under

subsection (B)(5)...3:1.5

11. Loan processor with responsibility primarily for loans secured by lien interests on real property...3:1.5

12. Lender's branch manager with responsibility primarily for loans not secured by lien interests on real property...3:1.5

13. Real property salesperson with an Arizona license or a license from a state with substantially equivalent licensing requirements...3:1

14. Loan officer, with responsibility primarily for loans not secured by lien interests on real property...3:1

Ariz. Admin. Code § R20-4-906

Adopted effective August 14, 1991 (Supp. 91-3). R20-4-906 recodified from R4-4-906 (Supp. 95-1). Amended by final rulemaking at 5 A.A.R. 2094, effective June 10, 1999 (Supp. 99-2).