R20-4-903. Exemption for an Entity Regulated by an Agency of this State, Other States, or by the United States

A. The exemption under A.R.S. § 6-902 (A)(1) only applies to a person whose offers to make or negotiate a mortgage loan, as defined in A.R.S. § 6-901, and all mortgage loans made or negotiated by the person, are regulated directly by an agency of this state, any other state, or the United States. B. The required regulation of the transactions listed in subsection (A) includes: 1. Rules governing a claimant’s accounting and recordkeeping practices, 2. The authority to examine a claimant’s books and records relating to its mortgage lending activities, and 3. The ability to place a claimant into receivership or conservatorship with regard to the claimant’s mortgage lending activities.