AZ HB2296

Creates a new certificate of exemption process for federally chartered savings banks registered with the Nationwide Mortgage Licensing System to register with the Department of Financial Institutions and sponsor mortgage loan originators.

Requires exempt persons holding a certificate of exemption to designate a responsible individual with at least three years of mortgage lending experience to actively manage licensed loan originators, with notification requirements if that individual leaves.

Allows loan originators to work under exclusive contract with registered exempt persons in addition to traditional mortgage brokers, bankers, or consumer lenders, with the same advertising, supervision, and bonding requirements.

Permits exempt persons sponsoring loan originators to use employer bonds instead of requiring individual contributions to the mortgage recovery fund.

Establishes grounds for denial, suspension, or revocation of certificates of exemption, including fraud, misrepresentation, violations of law, and criminal indictments.