Posted by AZtransfer on August 27, 2011 at 11:08:33:
I appreciate everyones input. I have been researching this with the different state agencies & getting more clarification. It seems both of these are still up for lots of interpretation. Again, thanks 
SAFE Act, Frank Dodd - Posted by AZtransfer
Posted by AZtransfer on August 15, 2011 at 11:38:18:
I have just discovered DOW & very motivated to get started. Im
concerned about these government regulations & how that will
affect my plan. Anyone have information for how this works in
Arizona now? Exceptions? Any information is helpful, thanks.
Re: SAFE Act, Frank Dodd - Posted by Alex
Posted by Alex on August 22, 2011 at 05:14:40:
For the SAFE Act, check Arizona out on the NMLS website. Basically every state has similar requirements for licensure (background check, surety, classroom education and subsequent test, etc) but most differ slightly when it comes to sponsorship.
As far as the Dodd-Frank, Iām not quite sure. I was under the impression that the most problematic aspect was offering higher-priced mortgage loans. But if you charge 0% interest, it seems you would not meet the HPML requirements and as such not need to really worry about it. Could easily be wrong though.
Re: SAFE Act, Frank Dodd - Posted by Ken R
Posted by Ken R on August 27, 2011 at 10:55:43:
I have gotten a couple of emails asking why I had not responded to this
question so I am jumping in. The SAFE Act is a state by state issue, as
is consumer lending licensure. What works in one state may not work
in another.
Dodd-Frank is much more complicated. First, there is an industry wide
effort underway to seek modifications on six points. If that happens, we
have a different set of rules than those we are now facing. There is
much more involved than just interest rates. There are also issues that
are not covered in the relief being sought. All of this was covered in
numerous industry communication venues. There is a white paper that I
authored available on Dodd-Frank. Iām not sure how to direct you to it
because I do not want to violate the rules of this forum, but it is widely
available.