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2008 Legislature Summary Arizona Realtor
SB 1028; LOAN ORIGINATOR LICENSING - SUPPORT

Establishes a loan originator licensing program within the Arizona DEpartment of Financial Institutions and requires as of January 1, 2010, all loan originators be licensedunless they are exempt by statue.  The legislation requires applicants for licensure to complete a loan originator course during the year preceeding the time of application or have atleast three years of laon origination experience immediately proceeding the time of application.  Applicants must pass an exam, submit information as prescribed by the department, and pay a nonrefundable fee as determined by the Superintendent.

SB 1028 passed legislature and will become effective on the general effective date of September 26, 2008

Exert from Arizona realtor; August 2008 Vol 30/Issue Number 8