Bill would require loan officers to be licensed 

Sen. Jay Tibshraeny, R-Chandler, is following up on his successful mortgage fraud legislation passed last year with another bill aimed at protecting Arizona homebuyers by requiring all loan originators to be licensed.
“This is phase two of my mortgage fraud legislation that brings another layer of accountability into what is for most people the most important investment of their lives,” Tibshraeny said.
S1203 would require pre-licensing course of study, a licensing exam and continuing education for those who sell mortgages of more than $5,000 secured with a lien.
“Unfortunately, in this housing market decline, many families have lost their homes or are in danger of foreclosing because the loans they have are not well-suited for them,” Tibshraeny said. “Bringing higher levels of professionalism and ethical standards in a more formal approach will help protect consumers.”