Arizona Private Lender Association
The Arizona Private Lender Association, also known as APLA, was established to meet the varied needs of private money lenders in the state of Arizona. Specifically, the APLA works with those who provide loans, which have been secured through real estate with funding from private resources. It is the focus of the Arizona Private Lender Association to offer representation, promotion, and support for the efforts to bring private capital/funding to Arizona for projects related to real estate.
What Is The Arizona Private Lender Association?
At the same time, the APLA also works to offer comprehensive informational resources, as well as standards for conduct among lenders, for money lenders in Arizona such as Speedy Cash, Titlelo, and others. Furthermore, and on the behalf of APLA members, the association can coordinate with both federal agencies and state agencies.
If you are interested in becoming an APLA member, or if you wish to use any of the services and functions offered by the group, there are a number of things you will want to keep in mind.
Facts About The APLA
You can learn more about APLA membership by visiting their website. Prior to becoming a member, all potential APLA members must follow and sign the Code of Conduct. You will also want to make yourself aware of your responsibilities with respect to dues, memberships, and similar issues.
There are two types of APLA membership that you will want to learn about:
- Regular membership: This form of membership applies to reputable individuals who own, or who are employed by, reliable entities/groups/businesses that deal in private money loans. Such loans must be secured through real estate located in the state of Arizona. They will also be required to have a license as an AZ mortgage broker, an AZ mortgage banker, or an AZ commercial mortgage banker. Someone who is exempt by statute can also apply for regular membership. A good example of this would be life insurance companies. As per business of the member, a regular membership holder must be working with private money lending that has been secured through Arizona real estate.
- Affiliate membership: This second form of APLA membership can be extended to reputable individuals who work with one private money lender or more. A private investor would be a good example of someone who can apply for an affiliate membership. An attorney, an accountant, a banker, or an appraiser are all further examples of potential affiliate membership candidates. Employees of title companies can also apply. What all of these individuals have in common is that all of these people must work with those who work in Arizona’s private money lending business.
For both regular members and affiliate memberships, dues will be assessed on an annual basis. They must be payable as of the first of July per fiscal year.
As of July 2010, APLA dues are pro-rated as the following:
- July 1-Sep 30th: $200 for the 1st employee, and then $100 per subsequent
- Oct 1-Dec 31st: $150 for the 1st employee, and then $75 per subsequent
- Jan 1–Mar 31st: $100 the 1st employee, and then $50 per subsequent
- Apr 1–Jun 30th: Paying your annual dues for the impending fiscal year.
Additional APLA Facts
Keep in mind that all APLA members must be associated, through ownership, employment, or association with a company that is being both licensed and regulated through the Arizona Department of Financial Institutions (also known as the AZDFI).
Through the Arizona Private Lender Association’s website, you can also learn about the APLA Membership Committee. This is the committee that is responsible for screening and making recommendations for every membership application that comes up. They are also responsible for maintaining the APLA’s Code of Conduct.
If you are interested in APLA membership, one of the first things you will want to consider is attending an APLA member meeting. This is made available to those considering membership at no charge whatsoever. By attending these meetings, an individual can decide if the APLA is going to be a good fit for their desire to work with private lenders and real estate opportunities in Arizona. This opportunity to attend an APLA member meeting is generally only extended once. After attending, you will likely be expected to pursue membership as a regular or affiliate, before attending the next one.