reglab/housing_qa huggingface dataset:
AZ Rev Stat § 6-846.04 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-846.04 - Deviations in escrow rates; civil penalty

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. 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.
AZ Rev Stat § 6-851 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-851 - Definitions

6-851.  Definitions A. In this chapter,  unless the context otherwise requires: 1. " Trust business"  means the holding out by a person to the public at large by advertising,  solicitation or other means that the person is available to act as a fiduciary in this state and accepting and undertaking to perform the duties as such a fiduciary in the regular course of business. 2. " Trust company"  means a corporation holding a certificate issued under this article. B. In this article,  unless the context otherwise requires: 1. " Agent"  means a person who receives compensation to regularly perform services specifically related to the conduct of the trust business. 2. " Asset"  means any property or property right held by a licensee for the benefit of another. 3. " Capital"  means the total of outstanding common stock,  preferred stock and surplus and undivided profits. 4. " Certificate"  means a certificate of authority issued under this chapter to engage in trust business. 5. " Contingency plan"  means a document stating a trust company's means of conducting business and preserving records in the event of any power outage,  flood or other physical emergency. 6. " Discretionary assets"  means those assets in which the trust company has the unilateral authority to determine investment strategies and execute investment transactions without seeking the concurrence,  approval or authority from the customer or any other external party. 7. " 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. 8. " Impaired"  or " insolvent"  means the trust company does not possess assets that are at least equal to liabilities,  required reserves and total issued and outstanding capital. 9. " Legal tender"  means a medium of exchange,  including specie,  that is authorized by the United States Constitution or Congress for the payment of debts,  public charges,  taxes and dues. 10. " Liquid capital"  means legal tender,  capital in the form of certificates of deposit issued by banks,  savings banks or savings and loan associations doing business in this state and insured by the federal deposit insurance corporation or any successor institution,  including deposits to a single depository where excess deposit insurance is provided through a reciprocal deposit arrangement by participating banks,  or direct obligations of the United States government with maturity of not more than five years. 11. " Nondiscretionary assets"  means those assets for which the trust company must obtain from the customer,  broker or investment advisor specific direction and instructions regarding both investment strategies and investment executions. 12. " Specie"  means coins having precious metal content. 13. " Surplus"  means the total amount paid by shareholders in excess of the par or stated value of the shares of capital stock of a trust business in consideration for the shares.
AZ Rev Stat § 6-852 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-852 - Exemptions and allowed activities

6-852.  Exemptions and allowed activities A. For the purposes of this article,  a person does not engage in the trust business by: 1. Rendering services as an attorney-at-law in the performance of the person's duties as such. 2. Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act. 3. Acting as a trustee in bankruptcy or as a receiver. 4. Holding trusts of real estate for the primary purpose of subdivision,  development or sale,  or to facilitate any business transaction with respect to such real estate,  provided such person is not regularly engaged in the business of acting as a trustee for such trusts. 5. Engaging in the business of a debt management company to the extent of the activities for which it is licensed under chapter 6 of this title. 6. Engaging in the business of an escrow agent to the extent of the activities for which it is licensed under chapter 7 of this title. 7. Holding assets as trustee of trusts created for charitable purposes. 8. Receiving rents and proceeds of sale as a licensed real estate broker on behalf of a principal. 9. Engaging in securities transactions as a dealer or salesman registered under title 44,  chapter 12. 10. Acting as a guardian,  conservator,  special conservator,  trustee or personal representative pursuant to a court order under title 14 or 36. B. Insurance companies licensed to write life insurance policies and annuity or endowment contracts in this state and subject to regulation and control of the director are excluded from the provisions of this chapter,  except the provisions of section 6-860. C. A bank,  savings and loan association or credit union not exercising trust powers may act as a trustee or custodian of individual retirement accounts established pursuant to the employees retirement income security act of 1974 or self-employed retirement plans established pursuant to the self-employed individuals tax retirement act of 1962 without the prior written consent of the deputy director if both: 1. The duties of the bank,  savings and loan association or credit union as trustee or custodian are essentially custodial or ministerial in nature. 2. The bank,  savings and loan association or credit union is required to invest the funds from such plans only in its own time or savings deposits or shares.
AZ Rev Stat § 6-853 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-853 - Certificate required; exceptions

6-853.  Certificate required;  exceptions A. A person shall not engage in the trust business without first obtaining a certificate from the deputy director except as provided by subsection B or C of this section,  or by section 6-852,  subsection C. B. A bank,  if a member of the federal deposit insurance corporation and otherwise authorized under the laws of the United States,  this state or any other state to engage in the trust business in this state,  may engage in that business as a bank without obtaining a certificate under this chapter,  and shall not be subject to this article,  except for section 6-859,  subsection A and section 6-860. C. If a savings and loan association or savings bank is a member of the federal deposit insurance corporation and is authorized under the laws of the United States,  this state or any other state to engage in the trust business in this state,  the savings and loan association or savings bank may engage in that business as a savings and loan association or savings bank without obtaining a certificate under this chapter and is not subject to this article,  except for section 6-859,  subsection A and section 6-860.
AZ Rev Stat § 6-854 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-854 - Application for certificate

6-854.  Application for certificate A. An application for a certificate shall be in writing,  in such form as the deputy director shall prescribe,  verified under oath and supported by such information,  data and records as the deputy director may require. B. An application for a certificate shall include the applicant's executed articles of incorporation and the fee prescribed in section 6-126.
AZ Rev Stat § 6-854.01 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-854.01 - Articles of incorporation; approval; changes

6-854.01.  Articles of incorporation;  approval;  changes A. Notwithstanding title 10,  chapter 2,  the articles of incorporation shall include: 1. The name of the proposed trust company. 2. A description of the general nature of the business to be transacted and a statement authorizing the company to engage in any activity or business allowed by law. 3. The amount of authorized capital stock,  the maximum number of shares of par value common stock and preferred stock,  and the kind,  class,  series,  distinguishing characteristics and par value of all shares. 4. The amount of capital,  which is at least the amount required by section 6-856,  the applicant will use to begin the trust company. 5. A statement that the company will have perpetual existence unless the company is terminated pursuant to this article. 6. The initial street address of the main office of the trust company. 7. The number of directors and the directors' names and addresses. 8. If applicable,  a statement allowing preemptive rights. 9. A statement authorizing the board of directors to appoint additional directors when necessary. B. Within thirty days after receiving the executed articles of incorporation,  the deputy director shall approve or disapprove the articles. If the deputy director disapproves the articles,  the deputy director shall notify the applicant of the articles' deficiencies. After approval or after addressing the deficiencies,  the applicant shall file the approved or revised articles of incorporation with the corporation commission. C. The corporate existence of a trust company begins on the date the trust company files the approved or revised articles of incorporation with the corporation commission. After the trust company files the articles with the corporation commission,  the company may perform all acts necessary to perfect the organization and obtain and equip a place of business. D. Within seven days after proposing a change to the articles of incorporation at a meeting of the board of directors,  a trust company shall report the proposed changes to the deputy director for approval. The deputy director shall approve the proposed changes as long as the proposed changes are consistent with this chapter. The deputy director shall notify the trust company of any inconsistencies within thirty days after receiving the proposed changes. The trust company shall have thirty days,  after receiving the deputy director's notice,  to correct any inconsistencies and submit revised proposed changes to the deputy director.
AZ Rev Stat § 6-854.02 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-854.02 - Board of directors; number; bylaws

6-854.02.  Board of directors;  number;  bylaws A. A trust company shall have at least three directors. The shareholders of the company shall elect all of the directors. B. Unless the articles of incorporation provide otherwise,  the board of directors may adopt or amend the bylaws as long as the bylaws adopted or amended by the board do not conflict with the bylaws adopted by the shareholders. The board of directors shall file a current copy of the bylaws with the deputy director.
AZ Rev Stat § 6-855 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-855 - Fees

6-855.  Fees A. Each application to establish a trust company or branch or to renew the license of a trust company or branch shall be accompanied by the fee prescribed in section 6-126. B. The annual renewal fee is payable on or before January 1 of each year the certificate is outstanding. A penalty payment of one hundred dollars shall be assessed for each day after January 15 that such fee is not received by the department.
AZ Rev Stat § 6-856 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-856 - Minimum capital; dividends; other requirements

6-856.  Minimum capital;  dividends;  other requirements A. In order to obtain a certificate,  a trust company shall have not less than $500, 000 of liquid capital. The trust company shall have additional capital in the following amounts: 1. For each $750, 000, 000 of nondiscretionary assets,  an additional $250, 000 of capital. 2. For each $250, 000, 000 of discretionary assets,  an additional $250, 000 of capital. 3. For a trust company whose most recent composite rating from the deputy director was four as defined in the revised uniform interagency trust rating system as published in the federal register volume 63,  number 197,  October 13,  1998,  pages 54704 through 54711,  an additional $250, 000 of capital. 4. For a trust company whose most recent composite rating from the deputy director was five as defined in the revised uniform interagency trust rating system as published in the federal register volume 63,  number 197,  October 13,  1998,  pages 54704 through 54711,  an additional $500, 000 of capital. B. A minimum of one-half of the additional capital required under subsection A,  paragraphs 1 and 2 of this section shall consist of liquid capital. All of the additional capital required under subsection A,  paragraph 3 or 4 of this section shall consist of liquid capital. C. The trust company shall notify the deputy director of the form in which and location where the liquid capital is held and its date of maturity. D. A trust company that has a certificate issued before June 30,  2001 has until December 31,  2002 to comply with the additional capital requirements prescribed in subsection A of this section. E. The deputy director may reduce the amount of the additional capital requirement prescribed in subsection A of this section if the deputy director determines that the trust company is a subsidiary of a financial institution or financial holding company that is capable of providing sufficient support. F. A trust company that has been issued a certificate by the deputy director shall maintain capital in the amount required under subsection A of this section.  G. A trust company may declare a dividend to be paid from net profits. A dividend shall not be declared,  credited or paid if there is an impairment of the liquid capital. A trust company that proposes dividends in a calendar year that are more than the net profit for the same calendar year shall obtain the deputy director's approval before declaring the dividends. H. Notwithstanding subsection A of this section,  a trust company that accepts monies to be held in a savings account or time deposit prescribed in section 6-882 shall comply with all of the rules and requirements necessary to obtain and maintain insurance issued by the federal deposit insurance corporation or its successor.
AZ Rev Stat § 6-857 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-857 - Issuance of certificate; hearing

6-857.  Issuance of certificate;  hearing A. On the filing of an application for a certificate the deputy director shall make or cause to be made an investigation and examination of the facts concerning the truth of the statements and the background of the management,  controlling shareholder or shareholders,  directors and executive officers and shall issue a certificate if the deputy director finds: 1. The applicant is a corporation having powers and purposes to engage in the trust business organized under the laws of this state or authorized to do business in this state as a foreign corporation. 2. The applicant has complied with all of the applicable provisions of this article. 3. The general character,  reputation,  financial standing,  business qualifications,  ability and integrity of the persons involved in the management of the applicant's business are such as to demonstrate that the trust company will be operated in a safe,  sound and lawful manner. 4. The proposed capital meets the requirements of section 6-856. 5. The applicant has submitted a business plan demonstrating a knowledge of potential markets and the ability to generate business. 6. The applicant has procured a fidelity bond as prescribed in section 6-868. 7. The applicant has procured insurance as prescribed in section 6-859,  subsections E and F. B. The deputy director may conditionally accept the application on specific requirements being met,  but a certificate shall not be issued until such conditions have been met. C. The certificate may be granted or denied without a hearing,  but the deputy director may,  and shall at the request of the applicant,  fix a date for a hearing on the application. At the hearing any person may be heard with reference to the facts to be investigated.
AZ Rev Stat § 6-860 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-860 - Duty of trustee, escrow officer or agent to produce trust or escrow records for inspection; violation; classification

6-860.  Duty of trustee,  escrow officer or agent to produce trust or escrow records for inspection;  violation;  classification A. Any trustee,  escrow officer or agent shall produce for inspection any trust or escrow records concerning the assets,  existence,  condition,  management and administration and the names of the parties,  including any or all beneficiaries,  of any trust or escrow of which the person is the trustee,  escrow officer or 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 trustee,  escrow officer or 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 trustee,  escrow officer or agent shall produce for inspection required by law any trust or escrow records of any trust or escrow of which the person is the trustee,  escrow officer or 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 § 6-861 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-861 - Reports

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. 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.
AZ Rev Stat § 6-862 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-862 - Trust funds

6-862.  Trust funds All monies received by a trust company as fiduciary on trust business within this state shall be deposited in a bank or savings and loan association in this state in a specially designated account or accounts,  shall not be commingled with any funds of the trust company and shall remain on deposit until disbursed or invested in accordance with powers and duties of the trust company in its capacity as such fiduciary.
AZ Rev Stat § 6-864 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-864 - Continuing jurisdiction

6-864.  Continuing jurisdiction If the certificate of a trust company is surrendered,  suspended or revoked,  the company shall nevertheless continue to be subject to the provisions of this chapter for so long as it acts as a fiduciary with respect to any trust business previously undertaken.
AZ Rev Stat § 6-865 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-865 - Unsafe condition; receivership

6-865.  Unsafe condition;  receivership If the deficiency in capital has not been made good or the trust company is in an unsafe or unsound condition that is not remedied within the time prescribed under an order of the deputy director issued pursuant to section 6-137,  the deputy director may apply to the superior court to be appointed receiver for the liquidation or rehabilitation of the company. The expense of such receivership shall be paid out of the assets of the trust company.
AZ Rev Stat § 6-866 (2021)
2021 Arizona Revised Statutes|Title 6 - Banks and Financial Institutions|§ 6-866 - Limit of legal action

6-866.  Limit of legal action This article does not limit any statutory or common law right of a person to bring an action in a court for any act involved in the transaction of the trust business or the right of the state to bring an action against any person for a violation of law based on such act.