Ariz. Admin. Code § 20-4-1802

Current through Register Vol. 30, No. 52, December 27, 2024

Section R20-4-1802 - Equivalent and Related Experience

A. An applicant may satisfy the three years' experience requirement of A.R.S. § 6-943 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 either for a mortgage banker license, or as a responsible individual, both under A.R.S. § 6-943(C). The Department counts a fractional month of experience, at least 15 days long, as a full month.

1. Mortgage banker with an Arizona license, responsible individual, or branch manager for a licensee;

2. Mortgage broker 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 banker with license from another state, or responsible individual for the mortgage banker;

6. Mortgage broker with license from another state, or responsible individual for the mortgage broker;

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. § 6-943 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 toward qualifying for a license, or as a responsible individual, both under A.R.S. § 6-943(C). 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 banker or mortgage broker 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 § R20-4-1802

New Section adopted by final rulemaking at 5 A.A.R. 2094, effective June 10, 1999 (Supp. 99-2).