Arizona Laws 6-861. Reports
A. The deputy director may require reports of financial condition and relevant information concerning the business operations of each trust company, shall fix and extend the time for the filing of such reports and shall assess a penalty of $50 for each day the trust company is delinquent.
Terms Used In Arizona Laws 6-861
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Agent: means a person who receives compensation to regularly perform services specifically related to the conduct of the trust business. See Arizona Laws 6-851
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Contract: A legal written agreement that becomes binding when signed.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Fiduciary: means a personal representative, administrator, guardian, conservator, trustee, agent or other person who acts in a fiduciary capacity and who is not exempt by section 6-852. See Arizona Laws 6-851
- Fiduciary: A trustee, executor, or administrator.
- Fraud: Intentional deception resulting in injury to another.
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Trust company: means a corporation holding a certificate issued under this article. See Arizona Laws 6-851
B. The president, chief executive officer or chief operating officer shall examine the books and accounts of the trust company for the purpose of making the report and shall verify the report by providing an affidavit stating that the information contained in the report is accurate to the best of the president’s or officer’s knowledge or belief.
C. The report shall contain statements and information regarding the affairs, business conditions, resources and implementation of internal controls as safeguards for the protection of fiduciary beneficiaries, creditors, shareholders and the public.
D. Excluding weekends and holidays, within forty-eight hours after the date of discovery, a trust company that is the victim of a robbery, the shortage of funds of more than $5,000 or the apparent misapplication of trust funds by an officer, director, agent or employee shall issue a written report to the deputy director explaining the loss.
E. Within thirty days after the service of the complaint, the trust company shall issue a written report to the deputy director stating any adverse legal actions involving allegations of fraud, breach of fiduciary duty, breach of contract or misapplication or commingling of trust funds, including complaints that are dismissed within thirty days after service.