Arizona Laws 6-811. Exemptions
A. The provisions of this chapter do not apply to and the term "escrow agent" does not include:
Terms Used In Arizona Laws 6-811
- Affiliate: means an entity that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the entity specified. See Arizona Laws 6-801
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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 business: means a commercial activity characterized by the regular and continuous carrying on of escrow transactions. See Arizona Laws 6-801
- Fiduciary: A trustee, executor, or administrator.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Any person who is licensed to practice law in this state and who is not actively engaged in conducting an escrow business.
2. Any person doing any of the acts specified in section 6-801, paragraph 4 pursuant to the order of a court.
3. Trustees of deeds of trust to the extent the activities are performed as a trustee under a deed of trust.
4. Any person doing any of the acts specified in section 6-801, paragraph 4 in a fiduciary capacity for any person, trust or estate pursuant to the order of a court.
5. Licensed real estate brokers who render certain services by collecting rents for others, as to such rents, and who within a reasonable time account for such rents to the person or persons properly entitled to such accounting.
6. Licensed real estate brokers who in the regular course of their business accept earnest money for the purpose of effecting the sale or transfer of property, as to such earnest money, and who within a reasonable time account for such earnest money to the prospective buyer or seller or to a licensed escrow agent.
7. Persons licensed pursuant to Title 32, Chapter 9, but only to the extent that these activities are regulated by Title 32, Chapter 9.
8. Any person who is licensed pursuant to chapter 9, article 2 of this title and who is approved to service loans for either:
(a) The federal national mortgage association.
(b) The federal home loan mortgage corporation.
(c) The government national mortgage association.
9. Any person licensed pursuant to chapter 14, article 1 of this title.
10. Any person who is licensed pursuant to chapter 9, article 3 of this title.
B. The provisions of this article do not apply to:
1. A person doing business under the laws of this state or the United States relating to banks, credit unions, savings banks, trust companies and savings and loan associations, except that this subsection does not exempt such banks, credit unions, trust companies, savings banks and savings and loan associations from regulation of such escrow activities under other statutes or laws of this state or of the United States nor does this subsection allow an affiliate of the bank, credit union, savings bank, trust company or savings and loan association to engage in the escrow business unless it is licensed pursuant to this article and engages in such a business in accordance with this chapter.
2. A person who is licensed pursuant to chapter 9, article 2 of this title and who is not approved to service loans for either:
(a) The federal national mortgage association.
(b) The federal home loan mortgage corporation.
(c) The government national mortgage association.