HML licensing, advertising constraints and advice in AZ.

[Brad Fry]

I have funded a couple HML deals here in AZ. I am looking to get more involved in short term and midterm lending. I am told that if I am not licensed to do loans that I can only do 5 deals annually. Can someone validate this or give opposing information? Also ,I am told if I am not advertising and working with a select few investors that I should not have to worry about being a broker? Can someone weigh in on this also? I want to cover myself legally before I make a hard go as a HML. Thank you for any input or advice.