reglab/housing_qa huggingface dataset:
AZ Rev Stat § 6-833 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-833 - Seizure of property of impaired escrow agent

6-833.  Seizure of property of impaired escrow agent A. When the deputy director ascertains by examination or otherwise that the assets or capital of any agent are impaired,  or that the agent's affairs are in an unsafe condition,  the deputy director may immediately take possession of all the property,  business and assets of the agent that are located in this state and retain possession of them pending the further proceedings specified in this section. If the board of directors or any officer or person in charge of the offices of the agent refuses to allow the deputy director to take possession as prescribed by this subsection,  the deputy director shall communicate such fact to the attorney general,  whereupon the attorney general shall immediately institute such proceedings as may be necessary to place the deputy director in immediate possession of the property of the agent. The deputy director shall make or have made an inventory of the assets and known liabilities of the agent. The deputy director shall file one copy of the inventory in the deputy director's office and one copy in the office of the clerk of the superior court of the county in which the principal office of the agent is located. The clerk of the superior court shall mail one copy to each stockholder of the agent at each stockholder's last known address,  if by the exercise of reasonable diligence it can be determined. The clerk of the court with whom the copy of the inventory is filed shall file it as any other case or proceeding pending in the court. B. The officers,  directors or stockholders of the agent may have sixty days after the date the deputy director takes possession of the property,  business and assets to make good any deficit that may exist or to remedy the unsafe condition of its affairs. At the expiration of this time,  if the deficiency in assets or capital has not been made good or the unsafe condition remedied,  the deputy director may apply to the court to be appointed receiver and proceed to liquidate the assets of the agent that are located in this state in the same manner as provided by law for liquidation of a private corporation in receivership. The inventory made by the deputy director and all claims filed by creditors shall be open at all reasonable times for inspection and any action taken by the receiver on any of the claims shall be subject to the approval of the court before whom the cause is pending. The expenses of the receiver and compensation of counsel,  as well as expenditures required in the liquidation proceedings,  shall be fixed by the deputy director,  subject to the approval of the court,  and on certification of the deputy director shall be paid out of the funds in the deputy director's hands as receiver.
AZ Rev Stat § 6-833.01 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-833.01 - Priority of distribution during receivership

6-833.01.  Priority of distribution during receivership A. In a receivership proceeding filed against an escrow agent,  the priority of distribution of claims from the general assets of the escrow agent shall be as provided by this section. Every claim in each class shall be paid in full or adequate monies shall be reserved for the payment before the members of the next class may receive any payment. Subclasses may not be established in any class. The order of distribution is as follows: 1. The costs and expenses of administration incurred in connection with the receivership proceedings. 2. Claims for compensation actually owing to employees of the escrow agent other than its officers for services rendered within three months before the beginning of a receivership against the escrow agent. A claim for compensation may not exceed two months of monetary compensation for each employee. The compensation owed shall be paid as soon as is practicable after the receivership begins,  except that the receiver at all times shall reserve enough monies that in the receiver's opinion are sufficient to cover the expenses of administration. This priority is in lieu of any other similar priority authorized by law as to wages or compensation of employees. 3. Claims for breach of escrow agreements. 4. Claims of general creditors that do not fall within any other priority under this section. 5. Claims of the federal,  any state or a local government except those claims that are treated as secured claims. 6. Claims of shareholders,  members or other owners in that capacity. B. The owner of a secured claim against an escrow agent for which a receiver has been appointed may surrender the security,  and any deficiency shall be treated as a claim against the general assets of the escrow agent on the same basis as claims of unsecured creditors.
AZ Rev Stat § 6-834 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-834 - Deposit of monies; definition

6-834.  Deposit of monies;  definition A. Unless all of the parties to the escrow otherwise instruct the escrow agent in writing,  the escrow agent shall deposit and maintain all monies deposited in escrow to be delivered on the close of the escrow or on any other contingency in a bank,  savings bank or savings and loan association doing business in this state and the escrow agent shall keep all of the escrow monies separate,  distinct and apart from monies belonging to the escrow agent. Notwithstanding the parties' instructions to the escrow agent,  the escrow agent shall not deposit the escrow monies in an institution outside the United States. When deposited,  the monies shall be designated as " escrow accounts"  or given some other appropriate designation indicating that the monies are not the monies of the escrow agent. These monies shall be deposited immediately on receipt or as soon thereafter as is reasonably practicable. B. A person shall not knowingly keep or cause to be kept any monies in any bank or savings and loan association under the heading of " escrow accounts"  or any other name designating the monies as belonging to the clients of any escrow agent,  except actual escrow monies deposited with such escrow agent. C. Escrow property is not subject to execution or attachment on any claim against the escrow agent. D. Not later than three business days after receipt of any escrow monies,  the escrow agent shall provide to each depositing buyer or seller,  adequate notice of his right to earn interest on all deposited monies. The notice shall accurately set forth the following information with respect to this right: 1. A brief description of the depositor's right to earn interest on escrowed monies through an interest-bearing deposit account. 2. The dollar charge that may be imposed by the escrow agent solely to set up the interest-bearing account. 3. A good faith estimate of the amount of interest that may be earned during the life of the escrow account,  or an example of a typical transaction calculated on a one thousand dollar deposit,  using the prevailing savings account interest rate for a thirty day period. 4. A brief description of how the interest-bearing account can be established,  including the name,  address and telephone number of the escrow agent to be contacted. E. An escrow agent shall not receive from any depository institution any interest earned or other benefit from monies deposited with an escrow agent in connection with any escrow. Nothing in this subsection prohibits the escrow agent from receiving accounting,  data processing or other services directly related to the administration of escrow accounts. F. For the purposes of this article,  " adequate notice"  means a printed notice to the depositing buyer or seller that sets forth the pertinent facts clearly and conspicuously. The notice shall be printed on the escrow instructions or on an independent document and given to the depositing customer in a manner reasonably assuring the customer's receipt of the notice.
AZ Rev Stat § 6-835 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-835 - Limit of legal action

6-835.  Limit of legal action Nothing in this chapter shall limit any statutory or common law right of any person to bring an action in any court having jurisdiction for any act involved in the transaction of the escrow business or the right of the state to punish any person for any violation of any law based on such act.
AZ Rev Stat § 6-836 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-836 - Commissions; other considerations prohibited

6-836.  Commissions;  other considerations prohibited No escrow agent may pay or give a commission or any part of its fees or charges,  including fees for escrow services or other consideration,  as an inducement or as compensation for any escrow business.
AZ Rev Stat § 6-837 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-837 - Duty of escrow agent to produce escrow records for inspection; violation; classification

6-837.  Duty of escrow agent to produce escrow records for inspection;  violation;  classification A. Any escrow agent shall produce for inspection any escrow records concerning the assets,  existence,  condition,  management and administration and the names of the parties,  including any or all beneficiaries,  of any escrow of which the person is the escrow agent to any peace officer or local,  state or federal law enforcement agency,  provided such person requesting information signs and submits a sworn statement to the escrow agent that the request is made in the lawful performance of such person's duties. The peace officer or local,  state or federal law enforcement agency shall be prohibited from using or releasing said information except in the proper performance of the person's duties. B. Any escrow agent shall produce for inspection required by law any escrow records of any escrow of which he or she is the escrow agent to the deputy director or to any state or federal administrative agency lawfully requiring such disclosure. The deputy director or any state or federal administrative agency shall be prohibited from using or releasing said information except in the proper performance of the deputy director's or agency's duties. C. Any person who knowingly fails to produce records pursuant to this section or who obtains information under subsection A or B of this section and is prohibited from releasing such information but does release such information is guilty of a class 2 misdemeanor.
AZ Rev Stat § 6-838 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-838 - Surrender of license

6-838.  Surrender of license A licensee that desires to surrender its license shall file with the deputy director a certified copy of the resolution of its board of directors or a verified statement of intent signifying this desire,  and thereafter shall not accept additional escrow business. On receipt of the resolution or statement of intent,  the deputy director shall make an investigation,  and if the deputy director determines that the licensee has been discharged from all duties that it has undertaken as an escrow agent,  the deputy director shall issue an order to the licensee certifying that it is no longer authorized to exercise the powers of an escrow agent and the licensee shall immediately surrender its license.
AZ Rev Stat § 6-839 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-839 - Continuing jurisdiction

6-839.  Continuing jurisdiction If the license of an escrow agent is surrendered,  suspended or revoked,  the agent nevertheless continues to be subject to the provisions of this chapter and to the duties previously undertaken for so long as it acts as a fiduciary with respect to any escrow business previously undertaken.
AZ Rev Stat § 6-840 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-840 - Prohibitions; definitions

6-840.  Prohibitions;  definitions A. An escrow agent shall not accept any escrow in which a participant in the escrow is an affiliate of the escrow agent unless: 1. The affiliation is disclosed to all nonaffiliated participants in writing by the escrow agent. 2. Use of the affiliated escrow agent is not required by the affiliate as a condition of making a loan or entering into any other agreement with the nonaffiliated participants. B. For the purpose of this section: 1. " Controlled escrow business"  means the handling of an escrow by an escrow agent where an affiliate of the escrow agent is a participant in the escrow transaction. 2. " Participant"  means the buyer,  seller,  lender,  mortgage broker,  mortgage banker,  real estate broker or real estate salesman or any person who is a party to the escrow transaction.
AZ Rev Stat § 6-841 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-841 - Internal control structure; definition

6-841.  Internal control structure;  definition A. An escrow agent shall adopt a systematic internal control structure to ensure that persons employed by or associated with the escrow agent's business do not make significant errors or perpetuate significant irregularities or fraud without timely detection. B. For purposes of this section,  " internal control structure"  means the policies and procedures established to provide reasonable assurance that the escrow agent will achieve the following objectives: 1. Safeguarding of the customers' assets. 2. Reliability in financial reporting. 3. Reliability in recording of all escrow transactions.
AZ Rev Stat § 6-841.01 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-841.01 - Fiduciary duty; notice of returned check

6-841.01.  Fiduciary duty;  notice of returned check A. An escrow agent is the trustee of all monies received or collected and held in escrow. An agent shall not knowingly or negligently commingle trust monies with the escrow agent's own monies or with monies held in any other capacity. Every escrow agent and every officer,  director and employee of an escrow agent who has actual knowledge of fraud or dishonesty in the application of escrow monies,  owes a fiduciary duty as trustee to the owner of the monies held in escrow. B. An escrow agent shall notify the deputy director of any returned check for insufficient funds or overdraft on any of the escrow agent's trust or fiduciary accounts. The deputy director may revoke,  suspend or refuse to renew the escrow agent's license for failure to comply with this subsection.
AZ Rev Stat § 6-841.03 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-841.03 - Notice of uninsured monies; rules

6-841.03.  Notice of uninsured monies;  rules When an escrow is established and not later than three business days after an escrow agent receives any escrow monies,  the escrow agent shall provide a complete and accurate disclosure to each buyer and seller of a residential dwelling as defined in section 6-841.02 that monies deposited in an escrow account are not insured against loss from fraud or theft by this state or the United States government. The deputy director by rule may prescribe requirements for the disclosure form.
AZ Rev Stat § 6-843 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-843 - Disbursements; applicability

6-843.  Disbursements;  applicability A. Except as provided by subsection B,  an escrow agent may only disburse money out of an escrow account if deposits are previously made that are at least equal to the disbursements and the deposits relate directly to the transaction for which the money is being disbursed. The deposits shall be in at least one of the following forms: 1. Wire transfers so that the monies are received by the escrow agent or the agent's depository. 2. Except as provided in paragraphs 1,  4 and 5,  checks,  drafts,  negotiable orders of withdrawal,  money orders or any other item that has become available for withdrawal in accordance with the federal expedited funds availability act (P.L. 100-86;  101 Stat. 635;  12 United States Code section 4001). 3. Credit transfers through the automated clearing house that are deemed available by the depository institution receiving the credits. The credits must conform to the operating rules set forth by a national automated clearing house association. 4. Cashier's checks,  certified checks or teller's checks that have been deposited in the escrow agent's depository account. 5. Checks made by an affiliate of a state or federally regulated depository institution where the check is drawn on the affiliated depository institution so that the monies are deposited in the escrow agent's depository account. B. An escrow agent may disburse up to five hundred dollars per transaction or any funds that are available as cash without complying with subsection A. C. Subsection A does not apply to account servicing.
AZ Rev Stat § 6-846 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-846 - Making of escrow rates

6-846.  Making of escrow rates A. Every escrow agent who is also a title insurer or title insurance agent licensed under title 20 shall make escrow rates that are not excessive or inadequate for the safety and soundness of the escrow agent,  that do not unfairly discriminate between risks in this state which involve essentially the same exposure to loss and expense elements and that give due consideration to the following: 1. The desirability for stability of rate structures. 2. The necessity,  by encouraging growth in assets of escrow agents in periods of high business activity,  of assuring the financial solvency of escrow agents in periods of economic depression. 3. The necessity for paying dividends on the capital stock of escrow agents sufficient to induce capital to be invested in the capital stock. B. Every escrow agent who is required to make escrow rates under subsection A shall adopt basic classifications of escrow services that will be used as the basis for its escrow rates. C. Rates for escrow services and title insurance policies that are issued in connection with escrow services shall not be combined.
AZ Rev Stat § 6-846.01 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-846.01 - Filing of escrow rates

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. 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.
AZ Rev Stat § 6-846.02 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-846.02 - Justification for escrow rates

6-846.02.  Justification for escrow rates A. An escrow agent shall accompany a rate filing with a statement setting forth the basis on which the rate was fixed and the manner in which the fees are to be computed. A filing may be justified by: 1. The experience or judgment of the escrow agent making the filing. 2. The escrow agent's interpretation of any statistical data on which the agent relied. 3. The experience of other escrow agents. 4. Any other factors that the escrow agent deems relevant. B. The statement and justification shall be open to public inspection after the rate to which the statement and justification apply becomes effective.
AZ Rev Stat § 6-846.03 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-846.03 - Disapproval of escrow filings

6-846.03.  Disapproval of escrow filings A. Before issuing an order of disapproval and not less than twenty days after written notice,  the deputy director shall hold a hearing on an escrow rate filing. The notice shall specify in reasonable detail the matters to be considered at the hearing and shall be sent to every escrow agent who made the filing. If after the hearing the deputy director finds that all or part of the filing does not satisfy this article,  the deputy director shall issue an order that specifies what part of the filing failed and,  if the filing has become effective under section 6-846.01,  when all or part of the filing will be deemed no longer effective. At any time an escrow agent may withdraw all or part of a filing. The deputy director shall send copies of the order to each escrow agent affected. The order does not affect any escrow that was contracted before the expiration of the period set forth in the order. B. On written application to the deputy director,  a person or organization other than the escrow agent who made the filing that is aggrieved with respect to any rate filing that is in effect may request a hearing. The application shall specify in reasonable detail the grounds on which the applicant is relying. If within thirty days after receipt of the application the deputy director finds that the application was made in good faith,  that the applicant would be aggrieved if the applicant's grounds are established and that the grounds justify a hearing,  the deputy director,  not less than twenty days after written notice to the applicant and every escrow agent who made the filing,  shall hold a hearing. If after the hearing the deputy director finds that all or part of the filing does not satisfy this article,  the deputy director shall issue an order that specifies what part of the filing failed and,  if the filing has become effective under section 6-846.01,  when all or part of the filing will be deemed no longer effective. The deputy director shall send copies of the order to the applicant and to each escrow agent affected. The order does not affect any escrow that was contracted before the expiration of the period set forth in the order. C. A filing or modification shall not be disapproved if the rates satisfy the requirements of this article.