Do we need a license

[StaceyWilkinson]

I work for a mobile home broker, master dealer, in Arizona. Our company sells used mobile homes to clients and they are financed through private lenders. The private lenders have asked us to collect payments for them, and distribute them accordingly, are we required to have a license of some kind for this. We also provide statements with their payments showing how much received on principal and interest. All the lender servicing we do is done only with mobile homes sold through our company. Do we need some kind of banking license or are we okay with taking payments for lenders?

 

[calalily]

Yes, you are required to have a license. Go to this link then click on banking.
http://www.azleg.state.az.us/legtext/44leg/2r/summary/s.1465canr_finalrevised.doc.htm

 

[StaceyWilkinson]

another question...?

Yes, you are required to have a license. Go to this link then click on banking.
http://www.azleg.state.az.us/legtext/44leg/2r/summary/s.1465canr_finalrevised.doc.htm

Our company is licensed as a mobile home broker, master dealer, and does have the required escrow acct. at a financial institution for the sale of homes. What i really wanted to know is after the home is sold can we take the payments from the borrowers and distribute to the individual lenders. The payments would be deposited into a seperate escrow account and we would issue a check to the lenders from this account when we receive the payments from the borrowers. Do we need a license for this?

Also, is selling promissory notes to private investors considered securities and would we have to obtain a security's dealer license to do this?

 

[StaceyWilkinson]

Thank you for your quick response...
Our company is licensed as a master dealler mobile home broker in arizona, and our company does have the required escrow acct. set up with a financial institution for the sale of homes. What i really wanted to know is; After the home is sold can we legally take payments from the borrowers of our sold homes and distribute them to the various private lenders. The payments would be deposited into a seperate escrow acct. and we would send checks from this account to the lenders. Do we need a license for taking montlhly payments for the lenders?

Also, is selling promissory notes considered "securities" and do we need a security dealers license for this?

 

[calalily]

I believe you need the separate account bonded and insured as well and a license to collect and distrubute the monies collected. There is section at the bottom of the banker's page of the link that fits the description of what you do. What you are doing are two separate business actions and they are regulated differently.