Arizona Laws 6-846.01. Filing of escrow rates
A. Every escrow agent who is required to make escrow rates under section 6-846 shall file with the deputy director the escrow agent‘s schedules of fees, every manual of classifications, the rules and plans pertaining to the manual and every modification of any of the foregoing. The filing shall state the proposed effective date and shall indicate the character and extent of the contemplated service.
Terms Used In Arizona Laws 6-846.01
- 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
B. The deputy director shall review the filings as necessary to carry out the provisions of this article.
C. Subject to subsection E of this section, each filing does not become effective until fifteen days after the date of filing. On written notice to the escrow agent making the filing, the deputy director may extend the waiting period for up to an additional fifteen days. The waiting period may be extended further with the consent of the escrow agent making the filing. On written application by the escrow agent making the filing, the deputy director may authorize part or all of a filing to become effective before the expiration of the waiting period or any extension.
D. Except in the case of rates filed under subsection E of this section, a filing that has become effective is deemed to meet the requirements of this article.
E. If the deputy director finds that a rate for a particular kind or class of escrow service cannot practicably be filed before it is used or a kind of escrow service, by reason of rarity or peculiar circumstances, does not lend itself to advance determination and filing of rates, the deputy director pursuant to rules adopted by the deputy director may allow the rate to be used without a previous filing and waiting period.