A. A person, except those exempt under section 6-811, shall not engage in or carry on, or hold himself out as engaging in or carrying on, the escrow business or act in the capacity of an escrow agent in this state without first obtaining a license.

Terms Used In Arizona Laws 6-813

  • Control: means ownership or the power to vote, either directly or indirectly, more than twenty per cent of the outstanding voting shares of the controlled person. See Arizona Laws 6-801
  • 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
  • License: means a license issued pursuant to this chapter. See Arizona Laws 6-801
  • Licensee: means a person licensed pursuant to this chapter. 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. An escrow agent‘s license is not transferable or assignable and control of a license shall not be acquired through stock purchase or other devices without the prior written consent of the deputy director.

C. A license shall be kept conspicuously posted in all licensed places of business of the licensee.

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