Ariz. Admin. Code § 4-46-406

Current through Register Vol. 30, No. 50, December 13, 2024

Section R4-46-406 - [Effective until 1/5/2025] Appeal for Waiver

A. Under A.R.S. §§ 32-3668 and 32-3669, an AMC for which registration is sought under Section R4-46-401 may not have an owner, controlling person, officer, or other individual with a 10% or greater financial interest in the AMC who has ever had a financial, real estate, or mortgage lending industry license or certificate refused, denied, canceled, revoked, or voluntarily surrendered in any state.

B. The requirement in subsection (A) may be waived, at the discretion of the Director, when an appeal is made by the individual who has had a financial, real estate, or mortgage lending industry license or certificate refused, denied, canceled, revoked, or voluntarily surrendered.

C. To make an appeal for waiver under subsection (B), the individual who has had a financial, real estate, or mortgage lending industry license or certificate refused, denied, canceled, revoked, or voluntarily surrendered shall submit an appeal for waiver form, which is available from the Department and on its website.

D. In deciding whether to waive the requirement under subsection (A), the Director shall consider the following factors:

1. Whether the refusal, denial, cancellation, revocation, or voluntary surrender of a license or certificate was based on a finding of fraud, dishonesty, misrepresentation, or deceit on the part of the appellant;

2. The amount of time that has elapsed since the refusal, denial, cancellation, revocation, or voluntary surrender of a license or certificate;

3. Whether the act leading to the refusal, denial, cancellation, revocation, or voluntary surrender of a license or certificate was an isolated occurrence or part of a pattern of conduct;

4. Whether the act leading to the refusal, denial, cancellation, revocation, or voluntary surrender of a license or certificate appears to have been done for a self-serving purpose;

5. The harm caused to victims, if any;

6. Efforts at rehabilitation, if any, undertaken by the appellant and evidence regarding whether the rehabilitation efforts were successful;

7. Restitution made by the appellant to victims, if any; and

8. Other factors in mitigation or aggravation that the Director determines are relevant.

Ariz. Admin. Code § R4-46-406

Adopted by Final rulemaking at 21 A.A.R. 1675, effective 10/6/2015. Amended by final rulemaking at 25 A.A.R. 1139, effective 6/10/2019. Amended by final rulemaking at 28 A.A.R. 893, effective 6/11/2022.