reglab/statecodes huggingface dataset:
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 1 - GENERAL › Section R20-4-104 - Acceptance of Other Forms

Current through Register Vol. 30, No. 28, July 12, 2024
If another entity's applications and forms provide all the
				  information required by Arizona law, the Superintendent has the discretion to
				  accept them, even if another provision of this Chapter requires use of a
				  specific Department of Financial Institutions form. The Superintendent's
				  exercise of the discretion to accept alternative forms does not limit the
				  Superintendent's power to require additional information necessary to complete
				  an application or other form.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 1 - GENERAL › Section R20-4-105 - Claims against a Deposit in Place of Bond

Current through Register Vol. 30, No. 28, July 12, 2024
A. As used in this Section:
1. "Deposit" means cash or alternatives to
				cash deposited by a licensee with the Superintendent in place of a
				bond.
2. "Depositor" means licensee
				or an employee of the licensee who makes a deposit with the
				Superintendent.
3. "Verified claim"
				means a claim filed with the Superintendent under subsection (B).
4. "Award" means an amount of money granted
				under subsection (F).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 1 - GENERAL › Section R20-4-106 - Bankruptcy

Current through Register Vol. 30, No. 28, July 12, 2024
An enterprise licensee or consumer lender licensee shall
				  immediately deliver written notice to the Superintendent if it files a
				  voluntary bankruptcy petition, or if its creditors name the licensee a debtor
				  in an involuntary bankruptcy petition. On the date of each of the following
				  documents' filing with the bankruptcy court, the licensee shall deliver to the
				  Superintendent a copy of the:
1.
				Petition for relief,
2. Schedule of
				assets and liabilities,
3.
				Statement of financial affairs,
4.
				List of creditors, and
5. Plan of
				reorganization.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 1 - GENERAL › Section R20-4-107 - Licensing Time-frames

Current through Register Vol. 30, No. 28, July 12, 2024
A. As used
				in this Section, "application" means a document specified or described in this
				Title, or in any statute enforced by the Department, requesting any permit,
				certificate, approval, registration, charter, or similar permission described
				in Table A, together with all supporting documentation required by statute or
				rule.
B. The time-frames in Table A
				apply solely to applications received by the Department after the effective
				date of this Section. Each overall time-frame consists of an administrative
				completeness review time-frame, and a substantive review time-frame. The
				administrative completeness review time-frame begins to run upon receipt of an
				application by the Department.
1. Within the
				administrative completeness review time-frame in Table A, the Department shall
				notify the applicant in writing whether the application is complete. If the
				application is incomplete, the notice shall specify the missing information or
				component.
2. An applicant whose
				application is incomplete shall supply the missing information within 60 days
				after the date of the notice. If an applicant shows good cause in writing
				before the expiration of the 60 day time limit, the Superintendent shall extend
				the period for administrative completion of an application. The administrative
				completeness review time-frame stops running on the postmark date of the
				Department's written notice of an incomplete application, and resumes when the
				Department receives a complete application. If the applicant fails to submit a
				complete application within the specified time limit, the Department shall
				reject the application and close the file. An applicant may reapply.
3. The substantive review time-frame begins
				to run on the postmark date of the Department's written notice that the
				application is administratively complete.
4. Within the overall time-frame set forth in
				Table A the Department shall send the applicant written notice of its decision
				to approve, conditionally approve, or deny a license, unless the time-frame is
				extended by mutual agreement under A.R.S. §
										41-1075.
				If the Department denies an application, it shall provide written justification
				for the denial and a written explanation of the applicant's right to a hearing
				or appeal in the form required by A.R.S. §
										41-1076.
5. The Department shall calculate time limits
				prescribed in this Section under
				R2-19-107.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 1 - GENERAL › Table A - Licensing Time-frames

Current through Register Vol. 30, No. 28, July 12, 2024
No.
License Type
Legal Authority
Administrative Completeness
						  Review (Days)
Substantive Review (Days)
Overall Time-Frame (Days)
1
Bank
A.R.S. §
												6-203,
						  et seq.
Initial Application
R20-4-211
45
45
90
2
Bank Trust Dept.
A.R.S. §
												6-381
Initial Application
A.R.S. §
												6-203,
						  A.R.S. §
												6-204(C)
45
45
90
3
Savings & Loan
A.R.S. §
												6-401, et seq.
Initial Application
A.R.S. § 6-408,
						  R20-4-327
75
75
150
4
Credit Union
A.R.S. §
												6-501, et seq.
Initial Application
A.R.S. §
												6-506(A)
60
60
120
5
Trust Company
A.R.S. §
												6-851, et seq.
Initial Application
A.R.S. §
												6-854(A)
75
75
150
6
Consumer Lender
A.R.S. §
												6-601, et seq.
Initial Application
A.R.S. §
												6-603(C)
60
60
120
7
Debt Management
A.R.S. §
												6-701, et seq.
Initial Application
A.R.S. § 6-704(A),
						  R20-4-602(A)
30
30
60
8
Escrow Agent
A.R.S. §
												6-801, et seq.
Initial Application
A.R.S. §
												6-814
60
60
120
9
Mortgage Broker or Commercial
						  Mortgage Broker
A.R.S. §
												6-901, et seq.
Initial Application
A.R.S. §
												6-903(C)
						   & (D)
60
60
120
10
Mortgage Banker
A.R.S. §
												6-941, et seq.
Initial Application
A.R.S. §
												6-943(D)
60
60
120
11
Commercial Mortgage Banker
A.R.S. §
												6-971, et seq.
Initial Application
A.R.S. §
												6-974(A)
60
60
120
12
Acquisition of Control of
						  Financial Institution
R20-4-1602, R20-4-1702
Initial Application
A.R.S.
						  6-1104
30
30
60
13
Money Transmitter
A.R.S. §
												6-1201, et seq.
Initial Application
A.R.S. §
												6-1204(A)
60
60
120
14
Advance Fee Loan Broker
A.R.S. §
												6-1301, et seq.
Initial Application
A.R.S. §
												6-1303(A)
30
30
60
15
Premium Finance Co.
A.R.S. §
												6-1401, et seq.
Initial Application
A.R.S. §
												6-1402(C)
60
60
120
16
Collection Agency
A.R.S. §
												32-1001,
						  et seq.
Initial Application
A.R.S. § 32-1021,
						  R20-4-1502
30
15
45
17
Motor Vehicle Dealer
A.R.S. §
												44-281, et
						  seq.
Initial Application
A.R.S. §
												44-282(B)
30
15
45
18
Sales Finance Co.
A.R.S. §
												44-281, et
						  seq.
Initial Application
A.R.S. §
												44-282(B)
30
15
45
19
Certificate of Exemption
A.R.S. §
												6-912
Initial Application
A.R.S. §
												6-912(B)
45
45
90
20
Loan Originators
A.R.S. §
												6-991, et seq.
Initial Application
A.R.S. §
												6-991.04(A)
60
60
120
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-201 - Articles of Incorporation

Current through Register Vol. 30, No. 28, July 12, 2024
A licensee shall deliver to the Director a copy of each
				  amendment to the licensee's articles of incorporation within 30 days after the
				  amendment is filed with the Arizona Corporation Commission. Before delivery to
				  the Director, an officer of the licensee shall certify the copy delivered in
				  compliance with this Section, in writing, signed by the certifying officer,
				  attesting to the completeness, accuracy, and authenticity of the certified
				  copy.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-202 - Bylaws

Current through Register Vol. 30, No. 28, July 12, 2024
A licensee shall deliver to the Director a copy of each
				  amendment to the licensee's bylaws within 30 days after the amendment is
				  adopted. An officer of the licensee shall certify the copy delivered in
				  compliance with this Section, in writing, attesting to the completeness,
				  accuracy, and authenticity of the certified copy.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-206 - Bankers Blanket Bond Coverage - A.R.S. Section 6-188

Current through Register Vol. 30, No. 28, July 12, 2024
A. Each bank shall
				carry at least the following basic blanket bond coverage:
Banks with Deposits of:
Amounts:
Less than $25,000,000
$300,000
25,000,000
to
35,000,000
350,000
35,000,000
to
50,000,000
450,000
50,000,000
to
75,000,000
550,000
75,000,000
to
100,000,000
700,000
100,000,000
to
150,000,000
850,000
150,000,000
to
250,000,000
1,200,000
250,000,000
to
500,000,000
1,700,000
500,000,000
to
1,000,000,000
2,500,000
1,000,000,000
to
2,000,000,000
4,000,000
2,000,000,000
to
5,000,000,000
6,000,000
5,000,000,000
to
20,000,000,000
9,000,000
Over 20,000,000,000
10,000,000
B.
				Each bank shall supplement the bankers blanket bond coverage with at least a
				$2,000,000 excess fidelity bond.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-207 - Capital Obligations

Current through Register Vol. 30, No. 28, July 12, 2024
A. An applicant for
				a Director's order of approval to issue a capital obligation shall submit the
				following documents to the Director and shall not issue any capital obligation
				before the Director issues the order of approval. The required documents are:
1. A certified copy of the resolution adopted
				by the Board of Directors, or a certified copy of the unanimous written consent
				of the Board of Directors, authorizing the sale of the capital
				obligation;
2. A copy of the
				agreement underlying the capital obligation;
3. A copy of the note or debenture intended
				to represent the capital obligation; and
4. A copy of the prospectus, if any, proposed
				for use in the sale of the capital obligation.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-209 - Notice of Permanent Closing of Banking Office

Current through Register Vol. 30, No. 28, July 12, 2024
A bank may close fewer than all of its banking offices.
				  Before closing any office, a bank shall deliver a letter to the Director
				  specifying the banking office it plans to close and the closing date. The bank
				  shall ensure that the Director receives the letter at least 10 days before the
				  closing date. Closing the banking office shall terminate the bank's authority
				  to maintain that banking office on the date of the actual closure.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-211 - Application for a Banking Permit

Current through Register Vol. 30, No. 28, July 12, 2024
A. Before an
				application is filed, the representatives of the potential applicant shall meet
				with the Director to discuss capitalization, location, and management of the
				proposed bank.
B. After the meeting
				required by subsection (A), persons who wish to proceed with the application
				process shall submit an application in the form the Director prescribes. The
				applicant shall support the application with sufficient information to enable
				the Director to make a determination.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 2 - BANK ORGANIZATION AND REGULATION › Section R20-4-215 - Trust Business

Current through Register Vol. 30, No. 28, July 12, 2024
Each bank authorized to conduct trust business under their
				  banking permit shall comply with the applicable requirements of
				  R20-4-808 through
				  R20-4-816.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 4 - CREDIT UNIONS › Section R20-4-401 - Fidelity Bond Coverage

Current through Register Vol. 30, No. 28, July 12, 2024
A. A credit union
				shall have a fidelity bond in the form and in the amount required to maintain
				federal insurance on its accounts.
B. A fidelity bond purchased by a credit
				union to comply with this Section shall include faithful-performance-of-duty
				coverage.
C. A credit union shall
				purchase its fidelity bond from an insurer that holds a certificate of
				authority from the Director to transact surety business in Arizona.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 5 - CONSUMER LENDERS › Section R20-4-503 - Adjustments in Precomputed Charges

Current through Register Vol. 30, No. 28, July 12, 2024
A licensee shall adjust the total precomputed charges if the
				  first installment period is more or less than one month in duration. The
				  licensee's records shall reflect the adjustment's collection in one of three
				  ways.
1. In the first installment
				payment,
2. Amortized over the life
				of the contract, or
3. As part of
				the final payment.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 5 - CONSUMER LENDERS › Section R20-4-508 - Cut-off Date for Computing Refunds upon Early Repayment in Full

Current through Register Vol. 30, No. 28, July 12, 2024
If a borrower repays a loan before the due date of the final
				  installment, the licensee shall calculate any refund or credit due on the
				  precomputed loan using the following rules:
1. A licensee shall credit any full
				repayment, made on or before the 15th day following an installment date, as if
				received on the last previous installment date.
2. A licensee shall credit any full
				repayment, made on or after the 16th day following an installment date, as if
				received on the next installment date.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 5 - CONSUMER LENDERS › Section R20-4-518 - Deferral Fee

Current through Register Vol. 30, No. 28, July 12, 2024
A. A licensee
				may collect a deferral fee at the time it agrees to a deferment or at any time
				after the assessment of a deferral fee. If a licensee receives a payment after
				it agrees to a deferment, it may apply the payment first to the deferral fee.
				Any remainder of the payment shall be applied to the balance of the
				loan.
B. If a licensee receives a
				payment that is large enough to pay in full a delinquent installment and all
				allowable delinquency fees, the licensee shall apply the payment first to the
				delinquent installment and fees. The licensee shall not show the paid
				installment as deferred, and shall not collect a deferral fee.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 5 - CONSUMER LENDERS › Section R20-4-519 - Deferment Statement

Current through Register Vol. 30, No. 28, July 12, 2024
A licensee shall give the borrower a statement at the time it
				  agrees to a deferment and shall retain a copy of the statement in the
				  borrower's credit file. The statement shall contain the following
				  information:
1. The amount of the
				deferral fee,
2. The date of the
				borrower's next scheduled payment,
3. The amount of the borrower's next
				scheduled payment, and
4. The
				extended maturity date of the loan.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 5 - CONSUMER LENDERS › Section R20-4-524 - Books, Accounts, and Records

Current through Register Vol. 30, No. 28, July 12, 2024
A. A licensee may
				keep its books, accounts, and records as electronic records if the licensee can
				generate all information and copies required by this Section within the
				timeframe set by the Department for examination or other purposes.
B.
A licensee authorized under A.R.S. Title 6, Chapter 5
				  shall:
1. Keep its books, accounts,
				and records of operations separate from the books, accounts, and records of its
				other business activities; and
2.
				In addition to any statutory requirements, the books, accounts, and records of
				operations shall include the following:
a. A
				file containing a record of all legal actions brought during the fiscal year
				which the licensee shall keep until the Department conducts its examination of
				the licensee;
b. An itemized record
				of disbursement of the proceeds of each loan which shall also include, if the
				licensee makes precomputed loans, the amount of refund on each loan that is
				renewed or refinanced;
c. A record
				of the receipt of all allowable fees;
d. A record for each borrower and each loan
				that contains documentary evidence of filing or recording each instrument of
				record for the loan; and
e. A
				record of the borrower's voluntary election to purchase any insurance in
				connection with a loan if that insurance is sold by the licensee.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 5 - CONSUMER LENDERS › Section R20-4-534 - Insurance

Current through Register Vol. 30, No. 28, July 12, 2024
A. A licensee
				shall obtain written evidence of the borrower's voluntary election to purchase
				insurance in connection with a loan if the licensee's sale of insurance to the
				borrower is intended to secure repayment of a loan. The licensee shall retain
				this evidence of voluntary election in its records as required by statute. A
				document sufficient to comply with this Section shall read substantially as
				follows:
TO SECURE REPAYMENT OF MY LOAN, I ELECT TO PURCHASE INSURANCE
				  IN THE AMOUNT OF $ ____________.
I UNDERSTAND THAT MY TOTAL LOAN OBLIGATION IS THE SUM OF $
				  ____________.
B. A licensee
				shall obtain written evidence of the borrower's voluntary election to purchase
				property insurance in connection with a loan if the licensee's sale of property
				insurance to the borrower is intended to secure repayment of a loan. The
				licensee shall retain this evidence of voluntary election in its records as
				required by statute. A document sufficient to comply with this Section shall
				read substantially as follows:
TO SECURE REPAYMENT OF MY LOAN, I ELECT TO PURCHASE PROPERTY
				  INSURANCE IN THE AMOUNT OF $ ____________ .
I UNDERSTAND THAT MY TOTAL LOAN OBLIGATION IS THE SUM OF $
				  ____________.
I ATTEST THAT THE VALUE OF MY PROPERTY INSURED IN CONNECTION
				  WITH THIS LOAN IS THE SUM OF $ ____________.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 6 - DEBT MANAGEMENT COMPANIES › Section R20-4-602 - Applications

Current through Register Vol. 30, No. 28, July 12, 2024
A. An applicant
				for a debt management company license shall send the Department an application
				on the form required by the Director. If the Director determines that a credit
				report is required as authorized under A.R.S. §
									6-704(A), the
				applicant shall order a credit report from a credit reporting agency disclosing
				the credit history of the applicant's principals or managing agents and submit
				the credit report to the Department. A complete application shall include the
				credit report required by this Section and all of the following:
1. The surety bond required by A.R.S. §
										6-704(B);
2. Fidelity bonds if required by the Director
				under A.R.S. §
										6-704(D);
3. The nonrefundable application fee
				specified in A.R.S. §
										6-126(A)(14);
4. An original license fee described in
				A.R.S. §§
										6-126(B),
				6-126(D)(2), and
				6-706;
5. A sample of the contract intended to be
				used by the applicant required by A.R.S. §
										6-704(E):
6. Current financial statements as described
				in Section R20-4-604(A)(5);
7. A
				copy of the current articles of incorporation, by-laws, partnership agreement
				or other organizing documents used to form the applicant business
				entity;
8. The name and address
				information required under A.R.S. §
										6-704(A);
				and
9. A background check, on the
				form required by the Department, for each of the applicant's principals,
				principal officers, trustees, partners, and managing agents.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 6 - DEBT MANAGEMENT COMPANIES › Section R20-4-603 - Reports

Current through Register Vol. 30, No. 28, July 12, 2024
A. Each debt
				management company and each nonprofit corporation or association exempt from
				licensure under A.R.S. §
									6-702(4) and (5),
				shall send the Department an annual report of its business and operations for
				each place of business during the previous year beginning July 1 and ending
				June 30, using the form required by the Director. A debt management company
				shall deliver its report to the Department on or before August 15.
B.
Each debt
				  management company shall notify the Department of any change in its ownership
				  or in the names of its officers, directors, trustees, partners, or managing
				  agents within 30 days of the change.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 6 - DEBT MANAGEMENT COMPANIES › Section R20-4-604 - Records

Current through Register Vol. 30, No. 28, July 12, 2024
A. A debt
				management company shall keep books, accounts, and records adequate to provide
				a clear and readily understandable record of all its business activity. A debt
				management company may keep its books, accounts, and records as electronic
				records if the debt management company can generate all information and
				documentation required by this Section in the timeframe set by the Department
				for examination or other purposes. A debt management company's books, accounts,
				and records shall include:
1. A file for each
				account containing:
a. A copy of all
				correspondence concerning the account;
b. Evidence of the notice given to creditors
				of the debt management contract;
c.
				A subsidiary ledger disclosing all financial transactions concerning the
				account;
d. A copy of each written
				statement of account given to the debtor;
e. The original budget analysis required
				under Section
				R20-4-607; and
f. The original contract between the debt
				management company and the debtor, including all amendments.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 6 - DEBT MANAGEMENT COMPANIES › Section R20-4-607 - Budget Analysis

Current through Register Vol. 30, No. 28, July 12, 2024
A. A debt
				management company shall not accept an account unless it first concludes that
				the debtor can reasonably meet the payments agreed upon by the debt management
				company and the debtor. The debt management company's conclusion shall be
				supported by a written budget analysis kept in the company's records.
B. The written budget analysis shall either
				be part of an application form or a separate document. The debtor shall date
				and sign the written budget analysis before the debt management company draws
				any conclusions from the budget analysis.
C. The budget analysis shall disclose the
				disposable income available for payment to the debt management company after
				the debtor pays their reasonable and necessary living expenses including taxes,
				insurance, child support, alimony, and residential rent or mortgage
				payments.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 6 - DEBT MANAGEMENT COMPANIES › Section R20-4-611 - Advertising

Current through Register Vol. 30, No. 28, July 12, 2024
A.
A debt
				  management company shall not use advertising, communication, or sales material
				  that contains:
1. A false, misleading,
				or deceptive statement about the debt management company's services or charges.
				A statement is a violation of this Section if the person making the statement
				does not state a material fact necessary to make the statement true, in light
				of the circumstances under which it is made;
2. A claim, direct or implied, that the debt
				management company consolidates debts or makes loans; or
3. A schedule of payments in any form.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 6 - DEBT MANAGEMENT COMPANIES › Section R20-4-612 - Solvency and Minimum Liquid Assets

Current through Register Vol. 30, No. 28, July 12, 2024
A. A debt
				management company shall not operate if it is insolvent. For purposes of this
				Section "insolvent" has the same meaning as in A.R.S. §
									47-1201(23).
B. To determine compliance with A.R.S. §
									6-709(A), a debt
				management company's liquid assets include funds held in its trust account.
				Liquid assets do not include goodwill and other intangible assets. A debt
				management company's total liquid assets shall exceed by $2,500.00 the total of
				all its current business liabilities together with all balances held for
				debtors as reflected in the company's subsidiary ledgers.
C. Except as otherwise provided by this
				Section, or in a specific ruling by the Director, a debt management company
				shall use generally accepted accounting principles to compute assets and
				liabilities.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 7 - ESCROW AGENTS › Section R20-4-701 - Change in Location of Business

Current through Register Vol. 30, No. 28, July 12, 2024
An escrow agent shall submit to the Director notice of any
				  change in the location of the escrow agent's business. The escrow agent shall
				  ensure that the Director receives the notice at least five days before the
				  escrow agent conducts business at the new location. The escrow agent shall
				  remit the fee required by A.R.S. §
									6-126(A), to the
				  Director with the notice of the location change.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 7 - ESCROW AGENTS › Section R20-4-702 - Account Practices and Records

Current through Register Vol. 30, No. 28, July 12, 2024
An escrow agent shall maintain records to enable the Director
				  to reconstruct the details of each escrow transaction. The records shall
				  include the following:
1. The seller's
				name and address;
2. The buyer's
				name and address;
3. The lender's
				name and address, if any;
4. The
				borrower's name and address, if any;
5. The real estate agent's name and address,
				if any;
6. Complete escrow
				instructions;
7. Records and
				supporting documentation for each receipt and disbursement made through the
				escrow; and
8. A copy of the escrow
				settlement.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 7 - ESCROW AGENTS › Section R20-4-703 - Preservation of Records

Current through Register Vol. 30, No. 28, July 12, 2024
An escrow agent shall preserve the records, books, and
				  accounts pertaining to each escrow transaction for at least three years
				  following the final settlement date of the transaction. An escrow agent may
				  keep its records as electronic records if the escrow agent can generate all
				  information and copies of documents required by A.R.S. §
									6-831 within the timeframe set by
				  the Department for examination or other purposes.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 7 - ESCROW AGENTS › Section R20-4-704 - Subsidiary Account Records

Current through Register Vol. 30, No. 28, July 12, 2024
An escrow agent shall maintain subsidiary account records
				  that identify the funds deposited in each escrow account. The total of all
				  credit balances in the subsidiary accounts shall always equal the balance of
				  the general ledger control account.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 7 - ESCROW AGENTS › Section R20-4-708 - Financial Condition and Resources

Current through Register Vol. 30, No. 28, July 12, 2024
The Director shall consider the following criteria in
				  evaluating an escrow agent's, other escrow agent's, or applicant's financial
				  condition and resources under A.R.S. §
									6-817:
1. Amount of positive net worth,
2. Amount of tangible net worth,
3. Amount of liquid assets,
4. Amount of cash provided by
				operations,
5. Ratio of debt to net
				worth,
6. Owner's personal
				financial resources,
7. Outside
				resources available,
8.
				Profitability,
9. Projected
				operating results,
10. Status as
				agent for a title insurance company, and
11. Sources of new business.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-801 - Definitions

Current through Register Vol. 30, No. 28, July 12, 2024
In addition to the definitions provided in A.R.S. §
									6-851, the following terms apply to
				  this Article unless the context otherwise requires:
"Account" means the trust, estate, or other fiduciary
				  relationship established with a trust department or trust company.
"Affiliate" has the meaning stated at A.R.S. §
									6-801.
"Director" has the meaning stated at A.R.S. §
									20-102.
"Governing instrument" means a document, and all its
				  operative amendments, that:
a. Creates
				a trust and regulates the trustee's conduct,
b. Creates an agency relationship between a
				trust department or trust company and a client, or
c. Otherwise evidences a fiduciary
				relationship between a trust department or trust company and a
				client.
"Investment responsibility" means full and unrestricted
				  discretion to invest trust funds without direction from anyone as to any
				  matter, including the terms of the trade or the identity of the broker.
"Person" has the meaning stated at A.R.S. §
									20-105.
"Trust asset" means any property or property right held by a
				  trust department or trust company for the benefit of another.
"Trust department" means a permittee under both A.R.S. §
									6-201 et seq. and Article 2 of this
				  Chapter that possesses a banking permit authorizing it to engage in trust
				  business.
"Trust funds" means any money held by a trust department or
				  trust company for the benefit of another.
"Trustor" means a person who creates or funds a trust, or
				  both.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-805 - Reports

Current through Register Vol. 30, No. 28, July 12, 2024
A. Within 90
				days following each December 31, each trust department and trust company shall
				file an annual report of trust assets with the Director on the form prescribed
				by the Director. The annual report shall include the current market value of
				all trust assets held by the trust department or trust company as of December
				31. The report shall also identify and briefly describe all transactions
				conducted in the report period that are regulated by subsections
				R20-4-812(E)
				through R20-4-812(G).
B. Each trust company shall deliver a copy of
				its annual report and certificate of disclosure to the Director within 10 days
				of filing the report and certificate at the Arizona Corporation Commission. A
				report or certificate covered by this subsection is one filed under the
				authority of A.R.S. §§
									10-202 or
				10-1622. A copy delivered to the
				Director, as required in this subsection, shall be date-stamped by the Arizona
				Corporation Commission to confirm the actual filing date.
C. Each trust company shall notify the
				Director of any change in the directors or officers of the company within 10
				days of the change. Any trust company with more than 25 officers may, after
				obtaining the Director's written approval, limit the officers covered by this
				subsection to those with substantial involvement in the trust company's
				corporate operations or in the trust company's trust business in this
				state.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-806 - Records

Current through Register Vol. 30, No. 28, July 12, 2024
A. Every trust
				company shall keep its records as originals or as copies of the originals made
				by reproduction methods that accurately and permanently preserve the records. A
				trust company may keep its records as electronic records if the trust company
				can generate all information and copies required by this Section within the
				timeframe set by the Department for examination or other purposes.
B. A trust department or trust company shall
				keep books, accounts, and records adequate to provide clear and readily
				understandable evidence of all business conducted by the trust department or
				trust company, including the following:
1. A
				file for each account that includes:
a. The
				governing instrument,
b. All
				contracts and other legal documents,
c. Copies of all correspondence,
d. Accounting records disclosing all the
				financial transactions, and
e. A
				listing of all the account's assets and liabilities.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-807 - Unsafe or Unsound Condition

Current through Register Vol. 30, No. 28, July 12, 2024
For purposes of A.R.S. §§
									6-863 and
				  6-865, a trust company conducts
				  business in an unsafe manner or its affairs are in an unsound condition if
				  it:
1. Violates any fiduciary duty or
				obligation, including those listed in Sections
				R20-4-809 through
				R20-4-815;
2. Violates any state or federal requirement
				for operating or maintaining trusts, common trust funds, or other
				accounts;
3. Violates any
				applicable federal or state law or regulation regarding corporations or
				securities;
4. Employs an officer
				or director who violates a corporate fiduciary duty;
5. Is insolvent; or
6. Engages in any conduct that the Director
				determines constitutes an unsafe or unsound business practice jeopardizing the
				trust company's financial condition or the interests of a stockholder,
				creditor, trustor, beneficiary, or trust company's principal.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-808 - Administration of Fiduciary Powers

Current through Register Vol. 30, No. 28, July 12, 2024
A. The board of
				directors and the officers share responsibility for the exercise of fiduciary
				powers by a trust department or trust company. The board of directors is
				responsible for determining policy; investing and disposing of trust assets;
				and directing and reviewing the actions of all directors, officers, and
				committees of the board that exercise fiduciary powers. The board of directors
				may delegate the necessary power and authority to perform the trust
				department's or trust company's duties as a fiduciary to selected directors,
				officers, employees, or committees of the board if the delegation is consistent
				with the corporate charter. The minutes of the board's meetings shall duly
				reflect all those delegations.
B. A
				trust department or trust company shall not accept a new account without first
				obtaining the board's approval, or that of the directors, officers, or
				committees that the board may have authorized to approve new accounts. The
				trust department or trust company shall keep a written record of each new
				account approval and of the closing of each account. The trust department or
				trust company shall conduct an asset review within 60 days after it accepts
				each new account if it has investment responsibility for that account. The
				trust department's or trust company's board shall ensure that an annual review
				of account assets is conducted for each account in which the trust department
				or trust company has investment responsibility, to determine whether to retain
				or dispose of the assets.
C. A
				trust department or trust company exercising fiduciary powers shall use
				independent legal counsel admitted to practice in Arizona to advise and inform
				the trust department or trust company on fiduciary matters and all other legal
				issues presented to the trust department or trust company by the conduct of its
				trust business.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-809 - Fiduciary Duties

Current through Register Vol. 30, No. 28, July 12, 2024
A trust department or trust company shall perform all
				  fiduciary duties imposed upon it by law, including the following:
1. Administer accounts strictly according to
				the governing instrument and solely in the account beneficiary's
				interests;
2. Use reasonable care
				and skill to make the account productive;
3. Provide complete and accurate information
				about the nature and amount of assets held to each account's beneficiary or
				principal and permit the beneficiary, principal, or any person duly authorized
				by the beneficiary or principal to inspect the account's records at any time
				during normal business hours. The information provided in compliance with this
				subsection shall be delivered at least quarterly, unless:
a. The trust department or trust company and
				its account's beneficiary, principal, or authorized person agree otherwise in
				writing;
b. The governing
				instrument provides otherwise; or
c. A different frequency is established by a
				lawful course of dealing before the effective date of this rule; and
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-810 - Funds Awaiting Investment or Distribution

Current through Register Vol. 30, No. 28, July 12, 2024
A. Trust funds held
				by a trust department or trust company awaiting investment or distribution
				shall not remain uninvested or undistributed any longer than is reasonable for
				the account's proper management.
B.
				A trust department or trust company may keep trust funds in deposit accounts
				maintained by the trust department or trust company unless prohibited by law or
				by the governing instrument. The trust department or trust company shall set
				aside collateral security for all deposited trust funds under a third party's
				control. The collateral shall be the following types of securities, in any
				combination:
1. Direct obligations of the
				United States or any agency, department, division, or administration of the
				federal government;
2. Any other
				obligations fully guaranteed by the United States government as to principal
				and interest;
3. Obligations of a
				Federal Reserve Bank;
4.
				Obligations of any state, political subdivision of a state, or public authority
				organized under the laws of a state; or
5. Readily marketable securities that either:
a. Qualify as investment securities under the
				Investment Securities regulations of the Comptroller of the Currency, 12 CFR,
				Chapter 1, Part 1 ; or
b. Satisfy
				state pledging requirements under A.R.S. §
											6-245(C).
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-811 - Investment of Trust Funds

Current through Register Vol. 30, No. 28, July 12, 2024
A. A trust
				department or trust company shall invest trust funds according to:
1. The governing instrument; and
2. All applicable laws, including A.R.S.
				§§
										6-862,
				14-7402, and
				14-7501 through
				14-7512
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-812 - Self-dealing

Current through Register Vol. 30, No. 28, July 12, 2024
A. A trust
				department or trust company shall not invest trust funds in the following types
				of property unless expressly authorized by the governing instrument, applicable
				state or federal law, or court order:
1. Its
				own securities;
2. Other types of
				property acquired from the trust department or trust company;
3. Property acquired from the trust
				department's or trust company's directors, officers, or employees;
4. Property acquired from the trust
				department's or trust company's affiliates;
5. Property acquired from its affiliates'
				directors, officers, or employees; or
6. Property acquired from other individuals
				or organizations with an interest in the trust department or trust company if
				that interest might affect the trust department's or trust company's exercise
				of discretion to the detriment of its trust clients.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-813 - Custody of Investments

Current through Register Vol. 30, No. 28, July 12, 2024
A. A trust
				department or trust company shall keep each account's investments separate from
				its own assets. A trust department or trust company shall place each account's
				assets in the joint control of at least two officers or employees of the trust
				department or trust company designated in writing for that purpose by:
1. The trust department's or trust company's
				board of directors, or
2. One or
				more officers authorized by the trust department's or trust company's board of
				directors to make the designation.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-814 - Compensation

Current through Register Vol. 30, No. 28, July 12, 2024
A. A trust
				department or trust company acting as a fiduciary may charge a reasonable fee
				for its services. The trust department or trust company shall receive the fee
				allowed by the court when it is acting under a court appointment. Any agreement
				as to fees in the governing instrument shall control the fee unless contrary to
				law, regulation, or court order.
B.
				A trust department or trust company shall not permit any of its officers or
				employees to take any compensation for acting as a co-fiduciary with the trust
				department or trust company in the administration of an account.
Arizona Administrative Code › Title 20 - COMMERCE, FINANCIAL INSTITUTIONS, AND INSURANCE › Chapter 04 - DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS - FINANCIAL INSTITUTIONS › Article 8 - TRUST COMPANIES › Section R20-4-815 - Collective Investments

Current through Register Vol. 30, No. 28, July 12, 2024
A. All collective
				investments made by a trust department or trust company shall be in a common
				trust fund established under A.R.S. § 6871 and maintained by the trust
				department or trust company exclusively for the collective investment and
				reinvestment of funds contributed by the trust department or trust company
				acting as a fiduciary. A trust department or trust company shall not establish
				a common trust fund unless it first:
1.
				Prepares a written plan regarding the common trust fund; and
2. Obtains its board of directors' approval
				of the plan, evidenced by a duly adopted resolution or the board's unanimous
				written consent.