1. A. The exemption under A.R.S. § 6-972(9) only applies to a person whose offers to make or negotiate a “commercial mortgage loan,” as that term is defined in A.R.S. § 6-971, and all commercial mortgage loans made or negotiated by the person, are regulated directly by an agency of this state, any other state, or the United States.

2. B. The required regulation of the transactions listed in subsection (A) includes:

   1. 1. Rules governing a claimant’s accounting and recordkeeping practices,
   2. 2. The authority to examine a claimant’s books and records relating to its commercial mortgage lending activities, and
   3. 3. The ability to place a claimant into receivership or conservatorship with regard to the claimant’s commercial mortgage lending activities.

Historical Note

New Section adopted by final rulemaking at 5 A.A.R. 2094, effective June 10, 1999 (Supp. 99-2). Amended by final rulemaking at 31 A.A.R. 2330 (July 11, 2025), effective August 17, 2025 (Supp. 25-2).