Arizona Laws 6-846. Making of escrow rates
A. Every escrow agent who is also a title insurer or title insurance agent licensed under title 20 shall make escrow rates that are not excessive or inadequate for the safety and soundness of the escrow agent, that do not unfairly discriminate between risks in this state which involve essentially the same exposure to loss and expense elements and that give due consideration to the following:
Terms Used In Arizona Laws 6-846
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction in which any escrow property is delivered with or without transfer of legal or equitable title, or both, and irrespective of whether a debtor-creditor relationship is created, to a person not otherwise having any right, title or interest therein in connection with the sale, transfer, encumbrance or lease of real or personal property, to be delivered or redelivered by that person upon the contingent happening or nonhappening of a specified event or performance or nonperformance of a prescribed act, when it is then to be delivered by such person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor, or any designated agent or employee of any of them. See Arizona Laws 6-801
- Escrow agent: means any person engaged in the business of accepting escrows. See Arizona Laws 6-801
1. The desirability for stability of rate structures.
2. The necessity, by encouraging growth in assets of escrow agents in periods of high business activity, of assuring the financial solvency of escrow agents in periods of economic depression.
3. The necessity for paying dividends on the capital stock of escrow agents sufficient to induce capital to be invested in the capital stock.
B. Every escrow agent who is required to make escrow rates under subsection A shall adopt basic classifications of escrow services that will be used as the basis for its escrow rates.
C. Rates for escrow services and title insurance policies that are issued in connection with escrow services shall not be combined.