This License is required of any person carrying on escrow transactions wherein escrow property is delivered to a person not otherwise having any right, title,or interest in connection with the sale, transfer, encumbrance, or lease of real or personal property to be delivered or redelivered upon the contingent happening or non-happening of a specific event or prescribed act.
Who is exempt from this License? Please review A.R.S. § 6-811
Inquiries concerning the preparation and filing of License and renewal applications with the Department should be directed to the Licensing Division at 602-771-2800 or e-mail at [email protected].
Application Fees and Forms for Escrow Agents
Arizona Revised Statues §6-126 et seq.
The following nonrefundable fees are payable to the department with the filing of the following applications:
| DESCRIPTION | FEES | FORMS |
|---|---|---|
| New Application |
$1,000.00 + License Fee (based upon submission date): Jan, Feb, Mar: $750.00 April, May, June: $500.00 July, Aug, Sept: $1,250.00* Oct, Nov, Dec: $1,000.00 Fees are nonrefundable. *Fee includes the following year renewal fee. |
|
| Branch Office Application |
$500.00 + License Fee (based upon submission date): Jan, Feb, Mar: $187.50 April, May, June: $125.00 July, Aug, Sept: $312.50* Oct, Nov, Dec: $250.00 Fees are nonrefundable. *Fee includes the following year renewal fee. |
|
|
License Renewal License Year: 10/01 - 09/30 |
$1,000.00 HO $250.00 each branch Fees are nonrefundable. |
|
| Address Change | No Fee | |
| Name Change |
$250.00 | |
| Change of Control/Ownership change (“COC”) | No Fee | |
| Officer Change | No Fee | |
| License Surrender | No Fee |
|
| License Certificate |
No Fee |
| DESCRIPTION | FORMS |
|---|---|
| Escrow Agent Semiannual Financial and Escrow Report A.R.S. § 6-832(B) Due on or before August 15 and February 14 respectively |
|
|
Annual Audit Report: Due within 120 days after the end of the licensees fiscal year The records of each escrow agent shall be audited at least once each fiscal year by a certified public accountant. The audit shall include an audit of the escrow, account servicing and subdivision trust activities of the escrow agent and shall follow generally accepted accounting principles. The audit requirement may be satisfied by filing a copy of the audit report, which is prepared by a certified public accountant, of the parent of the escrow agent including an audit of the escrow, account servicing and subdivision trust activities of the escrow agent.
|
|
| Escrow Rate Filing |
Chapter 7 ESCROW AGENTS
Article 1 Administration
6-801 Definitions
6-802 Acknowledgment of report of examination; penalty
Article 2 Licensing
6-811 Exemptions
6-812 Foreign corporations
6-813 License of agent; nontransferable; posting
6-814 Procedure for licensing; surety bond
6-815 Renewal of license
6-816 Fees
6-817 Refusal to license; suspension; revocation
Article 3 Regulations
6-831 Records
6-832 Annual audit; report
6-833 Seizure of property of impaired escrow agent
6-833.01 Priority of distribution during receivership
6-834 Deposit of monies; definition
6-835 Limit of legal action
6-836 Commissions; other considerations prohibited
6-837 Duty of escrow agent to produce escrow records for inspection; violation; classification
6-838 Surrender of license
6-839 Continuing jurisdiction
6-840 Prohibitions; definitions
6-841 Internal control structure; definition
6-841.01 Fiduciary duty; notice of returned check
6-841.02 Liability of title insurer; closing protection letter; definition
6-841.03 Notice of uninsured monies; rules
6-843 Disbursements; applicability
Article 4 Escrow Rates
6-846 Making of escrow rates
6-846.01 Filing of escrow rates
6-846.02 Justification for escrow rates
6-846.03 Disapproval of escrow filings
6-846.04 Deviations in escrow rates; civil penalty
Arizona Administrative Code Title 20
Section
R20-4-701. Change in Location of Business
R20-4-702. Account Practices and Records
R20-4-703. Preservation of Records
R20-4-704. Subsidiary Account Records
R20-4-707. Payment to the All Other Escrow Agents Account of the Arizona Escrow Guaranty Fund
R20-4-708. Financial Condition and Resources
Substantive Policy Statements
ARTICLE 3. ESCROW AGENTS
SEMI-ANNUAL REPORT EA-1
ANTI-INDUCEMENT STATUTE EA-2
FUNDS DISBURSEMENT STATUTE EA-3
ARTICLE 1. GENERAL ADMINISTRATION
APPLICATIONS GE-1
CREDIT REPORTS/ARREST RECORDS GE-3
Regulatory Alerts
Escrow Agent
It is the policy of AZDFI to select the most effective and efficient methods of conducting examinations so that significant risks affecting safety and soundness, as well as substantive statutory compliance, can be identified and, if necessary, appropriate supervisory action taken. Judgment must be utilized to ensure that necessary procedures are performed and ineffective activities are avoided.
The examination fee in accordance with A.R.S. 6-125 is not more than sixty-five dollars per hour for each examiner. The assessment late penalty is fifty dollars for each day after the thirty day period the enterprise fails to remit the assessment not to exceed the examination assessment amount.
Pursuant to A.R.S. §6-122(B)(5) examination frequency is the accounts held in trust by each escrow agent at least once in every two year period in accordance with A.R.S § 6-122(5) and examine or cause to be examined each escrow agent at least once in every four year period or more frequently if the superintendent considers it necessary.
For questions concerning examination of your company or license, please contact the Financial Enterprise Division at 602-771-2800 or e-mail to [email protected]
ARS § 41-1030(G) requires most Arizona government agencies to prominently print the provisions of ARS § 41-1030(B), (D), (E) and (F) on all license applications. The following is the language in ARS § 41-1030(B), (D), (E) and (F):
B. An agency shall not base a licensing decision in whole or in part on a licensing requirement or condition that is not specifically authorized by statute, rule or state tribal gaming compact. A general grant of authority in statute does not constitute a basis for imposing a licensing requirement or condition unless a rule is made pursuant to that general grant of authority that specifically authorizes the requirement or condition.
D. This section may be enforced in a private civil action and relief may be awarded against the state. The court may award reasonable attorney fees, damages and all fees associated with the license application to a party that prevails in an action against the state for a violation of this section.
E. A state employee may not intentionally or knowingly violate this section. A violation of this section is cause for disciplinary action or dismissal pursuant to the agency’s adopted personnel policy.
F. This section does not abrogate the immunity provided by section 12-820.01 or 12-820.02.