Enacted on July 10, 2009, Arizona HB 2486 mandates that the state’s commercial mortgage brokers now be subject to the existing laws regulating residential mortgage brokers. This existing law requires that all mortgage brokers (residential and commercial) be both licensed by the state, and obtain the necessary mortgage broker bond. The surety bond amount shall be determined by each individual mortgage broker’s class of investors. Mortgage broker bonds for brokers with just institutional investors must be for $10,000. If any investors are “non-institutional”, the bond must be for $15,000.
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