A. The deputy director shall examine or cause to be examined each escrow agent as prescribed by section 6-122. The deputy director shall forward a report of the examination to the board of directors of the escrow agent within thirty days after the report is completed. Within thirty days after the report is received, the directors shall meet to consider its contents. Within ten days after the directors’ meeting, the chairman of the board of directors shall notify the deputy director of its meeting, shall acknowledge that each director has reviewed the report and shall describe the board’s responses to the recommendations of the examiners, including any remedies for violations of this title. In each case, the deputy director may extend the time period in this subsection for a period not to exceed one hundred twenty days applicable to actions by the board of directors and its chairman.

Terms Used In Arizona Laws 6-802

  • Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
  • 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
  • including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215

B. Unless excused by the deputy director for cause before or after the date the response is due, an escrow agent who fails to file a timely response to the report of examination shall pay the department up to $100 for each day of delinquency, as assessed by the department.

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