The Consumer Finance Protection Bureau has made it clear that even individual loan officers are not immune from enforcement actions. Earlier last year, the CFPB entered Consent Order against a former loan officer, David Eghbali. Eghbali worked at separate times for Wells Fargo and Bank of America. The CFPB fined Eghbali $85,000 and banned him…
Yes, in an opinion provided by the Arizona Attorney General’s Office, interpreting Arizona Revised Statute § 32-2101(48), a company or individual must be licensed if it engages in real estate activity for another and for compensation. Compensation is broadly construed to be any fee, commission, salary, money or other valuable consideration for services rendered or…
How does Prop 206 impact Arizona businesses? Arizona voters recently passed Proposition 206, changing the law related to mandatory sick time and minimum wage. First, under the new rules, starting July 1, 2017, most employees of Arizona businesses shall: 1) Accrue a minimum of one hour of paid sick time for every 30 hours worked…
Arizona Amends Consumer Lender Act A Consumer Lender License is required in Arizona for any person that advertises to make or procure, solicits, or holds themselves out as willing to make or procure or makes or procures a loan of $10,000 or less or a revolving loan of not more than $10,000. Licensing and regulation…
