The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
6-982. 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 insolvent as defined in section 47-1201.
2. Has shown that the licensee or any person acting under the license is not a person of honesty, truthfulness and good character.
3. Refuses to permit an examination by the superintendent of the licensee's books and affairs or refuses or fails, within a reasonable time, to furnish any information or make any report that may be required by the superintendent.
4. Has been convicted in any state of a felony or any crime of breach of trust or dishonesty.
5. Has had a final judgment entered against the licensee in a civil action upon 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 or to control or manage a licensee.
6. Has had an order entered against the licensee involving fraud, deceit or misrepresentation by any administrative agency of this state, the federal government or any other state or territory of the United States and that 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 or to control or manage a licensee.
7. Has violated any applicable law, rule or order.
B. If a person to whom a license is issued or who has applied for a license 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 or offenses, and a certified copy of the indictment or information is filed with the superintendent, the superintendent may suspend the license issued to the licensee or deny a license to an applicant pending trial on the indictment or information.
C. If a licensee is other than a natural person, it is sufficient cause to suspend or revoke the license if an officer, director, member, partner, trustee, employee, while acting in the course of the commercial mortgage banker business, or person entitled to vote more than twenty per cent of the outstanding voting shares of the licensed corporation, partnership, association or trust has acted or failed to act in the same manner as would be cause to suspend or revoke a license of the party as an individual. If a licensee is a natural person, it is sufficient cause to suspend or revoke the license if an employee of the person, while acting as an employee, has acted or failed to act in the course of the commercial mortgage banker business of the licensee in the same manner as would be cause to suspend or revoke a license of the party as an owner.