NEWS RELEASE
- Arizona Commercial Mortgage Lenders Association
For Immediate Release, July 14, 2009
Critical Commercial Broker Deregulation Measure Becomes Law
(Phoenix, AZ) – The Arizona Commercial Mortgage Lenders Association today commends the signing into law of HB 2486 – a bill which allows professionals who specialize in commercial real estate mortgage transactions to obtain a specific commercial mortgage license designation from the Arizona State Department of Financial Institutions.
The new measure simplifies the regulatory process for mortgage brokers who engage only in business to business or commercial real estate transactions. Mark Hunton, President of the Arizona Commercial Mortgage Lenders Association, the organization that brought the issue to the Legislature’s attention, said, “This is an excellent example of the Legislature and the Governor coming together to enact a strong pro-business, deregulation measure at a time when making it easier to do business is one of the best things our policymakers can do to help Arizona’s economy.”
Hunton added, “We especially want to thank State Senator Jim Waring (R-Phoenix) and State Representative Frank Antenori (R-Tucson) for sponsoring this legislation that will help commercial real estate activity throughout the state.”
HB 2486 will be enacted on this year’s general effective date of October 1st.
