Arizona Laws 6-846.03. Disapproval of escrow filings
A. Before issuing an order of disapproval and not less than twenty days after written notice, the deputy director shall hold a hearing on an escrow rate filing. The notice shall specify in reasonable detail the matters to be considered at the hearing and shall be sent to every escrow agent who made the filing. If after the hearing the deputy director finds that all or part of the filing does not satisfy this article, the deputy director shall issue an order that specifies what part of the filing failed and, if the filing has become effective under Section 6-846.01, when all or part of the filing will be deemed no longer effective. At any time an escrow agent may withdraw all or part of a filing. The deputy director shall send copies of the order to each escrow agent affected. The order does not affect any escrow that was contracted before the expiration of the period set forth in the order.
Terms Used In Arizona Laws 6-846.03
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- 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
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
B. On written application to the deputy director, a person or organization other than the escrow agent who made the filing that is aggrieved with respect to any rate filing that is in effect may request a hearing. The application shall specify in reasonable detail the grounds on which the applicant is relying. If within thirty days after receipt of the application the deputy director finds that the application was made in good faith, that the applicant would be aggrieved if the applicant’s grounds are established and that the grounds justify a hearing, the deputy director, not less than twenty days after written notice to the applicant and every escrow agent who made the filing, shall hold a hearing. If after the hearing the deputy director finds that all or part of the filing does not satisfy this article, the deputy director shall issue an order that specifies what part of the filing failed and, if the filing has become effective under Section 6-846.01, when all or part of the filing will be deemed no longer effective. The deputy director shall send copies of the order to the applicant and to each escrow agent affected. The order does not affect any escrow that was contracted before the expiration of the period set forth in the order.
C. A filing or modification shall not be disapproved if the rates satisfy the requirements of this article.