Arizona Laws 6-846.04. Deviations in escrow rates; civil penalty
A. An escrow agent may not deviate from his escrow rates that are in effect pursuant to Section 6-846.01.
Terms Used In Arizona Laws 6-846.04
- 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
B. If the deputy director finds that an escrow rate has been charged that deviates from the escrow rate in effect pursuant to Section 6-846.01, the escrow agent may be subject to a penalty that is equal to the difference between the rate charged and the allowable rate in effect pursuant to Section 6-846.01.
C. If the deputy director finds that an escrow agent knowingly or with such frequency as to indicate a general business practice violated subsection A of this section with respect to a particular provision of the applicable escrow rate, the deputy director, in addition to the penalty imposed under subsection B of this section, may:
1. For each violation, impose an additional penalty of not more than two times the penalty imposed under subsection B of this section.
2. Revoke the escrow agent’s license.
D. In addition to penalties imposed under subsection B or C of this section, the deputy director may impose civil penalties pursuant to section 6-132 if the deputy director finds that an escrow agent knowingly violated subsection A of this section with respect to a particular provision of the applicable escrow rate by charging rates that are greater than the rates allowable pursuant to Section 6-846.01.