6-981. Inactive status
210 words·~1 min read·
/az/title-6/6-981A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. For licenses approved on or before March 31, 2009, a licensee may request inactive status for the following license year, and the license shall be placed on inactive status after surrendering the license to the deputy director.
B. For licenses approved after or renewed on March 31, 2009, a licensee may request inactive status on or before December 31 of each year for the following license year, and the license shall be placed on inactive status after surrendering the license to the deputy director.
C. During inactive status, an inactive licensee is not required to maintain a bond and shall not act as a commercial mortgage banker.
D. A licensee may not be on inactive status for more than two consecutive years or for more than four years in any ten-year period. The license is deemed expired on violation of any of the limitations of this subsection.
E. An inactive licensee may return to active status notwithstanding section 6-973, subsection D by making a written request to the deputy director for reactivation. The licensee shall also provide the deputy director with proof that the licensee meets all of the other requirements for acting as a commercial mortgage banker, including required bond coverage or the deposit of a cash alternative.