2012 Arizona Revised Statutes
Title 6 Banks and Financial Institutions
6-991.05 Denial, suspension or revocation of licenses

6-991.05. Denial, suspension or revocation of licenses

A. The superintendent may deny a license to a person or suspend or revoke a license if the superintendent finds that an applicant or licensee:

1. Is not a person of honesty, truthfulness or good character.

2. Has violated any law, rule or order.

3. Has been convicted of or pled guilty or nolo contendere to a misdemeanor if it involved an act of fraud, dishonesty or breach of trust or money laundering at any time preceding the date of application.

4. Has had a final judgment entered against the applicant or licensee in a civil action on grounds of fraud, deceit or misrepresentation, and the conduct on which the judgment is based indicates that it would be contrary to the interest of the public to permit the person to be licensed.

5. Has had an administrative agency of this state, the federal government or any other state or territory of the United States enter an order against the applicant or licensee involving fraud, deceit or misrepresentation, and the facts relating to the order indicate that it would be contrary to the interest of the public to permit the person to be licensed.

6. Has made a material misstatement or suppressed or withheld information on the application for a license or any document required to be filed with the superintendent.

7. Has had a loan originator license, consumer lender license, mortgage broker license or mortgage banker license revoked or denied in this state or any other state.

B. The superintendent shall deny a license to a person or suspend or revoke a license if the superintendent finds that either of the following applies:

1. The applicant or licensee has been convicted of or pled guilty or nolo contendere to a felony in a domestic, foreign or military court during the seven year period immediately preceding the date of the application or at any time preceding the date of application if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering.

2. The applicant or licensee does not have the financial responsibility, experience or competence to adequately serve the public or to warrant the belief that the applicant or licensee will act lawfully, honestly and fairly pursuant to this article.

C. If a licensee or applicant under this article is indicted or informed against for forgery, embezzlement, obtaining money under false pretenses, extortion, criminal conspiracy to defraud or a similar offense, and a certified copy of the indictment or information or other proper evidence of the indictment or information is filed with the superintendent, the superintendent may suspend the license or refuse to grant a license to an applicant pending trial on the indictment.