Arizona Laws 32-1027. Issuance of provisional license for limited purposes
In the event of the death of an individual licensee, dissolution of a licensee partnership by death or operation of law, or termination of employment of the active manager if the licensee is a firm, partnership, association or corporation, if it is shown that the financial and bonding requirements of this chapter have been met, the deputy director shall issue without fee a provisional license to the personal representative of the deceased or the deceased’s appointee, to the surviving partners, or to the firm, association or corporation, as the case may be, which shall be valid for the following purposes only and expire at the following times:
Terms Used In Arizona Laws 32-1027
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deputy director: means the deputy director of the financial institutions division of the department of insurance and financial institutions. See Arizona Laws 32-1001
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
1. A provisional license issued to a personal representative or the personal representative’s appointee shall expire one year from the date of issuance and shall not be subject to renewal. Authority of the provisional licensee shall be limited to those activities deemed necessary to wind up the business of the former licensee.
2. Other provisional licenses shall expire three months after the date of issuance unless the provisional licensee within such period can qualify for a full license.