Arizona Revised Statutes Title 6. Banks and Financial Institutions § 6-982. Denial, suspension or revocation of licenses

A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee:

B. If a person to whom a license is issued or who has applied for a license under this article is indicted or informed against for forgery, embezzlement, obtaining money under false pretenses, extortion, criminal conspiracy to defraud or a similar offense or offenses and a certified copy of the indictment or information is filed with the deputy director, the deputy director may suspend the license issued to the licensee or deny a license to an applicant pending trial on the indictment or information.

C. If a licensee is other than a natural person, it is sufficient cause to suspend or revoke the license if an officer, director, member, partner, trustee or employee, while acting in the course of the commercial mortgage banker business, or a person entitled to vote more than twenty percent of the outstanding voting shares of the licensed corporation, partnership, association or trust has acted or failed to act in the same manner as would be cause to suspend or revoke a license of the party as an individual. If a licensee is a natural person, it is sufficient cause to suspend or revoke the license if an employee of the person, while acting as an employee, has acted or failed to act in the course of the commercial mortgage banker business of the licensee in the same manner as would be cause to suspend or revoke a license of the party as an owner.