Notwithstanding any other law, a mortgage broker who is a member of the Arizona national guard, the United States armed forces reserves or the regular component of the United States armed forces and who is serving on federal active duty when the mortgage broker‘s license expires may receive compensation for transactions under this article.

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Terms Used In Arizona Laws 6-911

  • Compensation: means anything of value or any benefit, including points, commissions, bonuses, referral fees, loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. See Arizona Laws 6-901
  • License: means a license issued under this article. See Arizona Laws 6-901
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage broker: means a person who is not exempt under section 6-902 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. See Arizona Laws 6-901
  • United States: includes the District of Columbia and the territories. See Arizona Laws 1-215

 

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