Arizona Revised Statutes § 6-817 Refusal To License; Suspension; Revocation

6-817. Refusal to license; suspension; revocation

A. The superintendent may upon investigation refuse to license any applicant, or may suspend or revoke any license pursuant to title 41, chapter 6, article 10 by entering an order to that effect, together with findings in respect to the order and by notifying the applicant or escrow agent either personally or by certified mail, return receipt requested sent to the agent's stated address, upon the determination by the superintendent that the applicant or escrow agent:

1. Is unable to pay debts as they fall due in the regular course of business.

2. Has not conducted the applicant's or agent's business in accordance with law or has violated this chapter or the rules relating to this chapter.

3. Is in such financial condition that the applicant or agent cannot continue in business with safety to the applicant's or agent's customers or the public.

4. Has been found guilty of fraud in a legal or administrative proceeding in this jurisdiction or any other jurisdiction.

5. Has made any material misrepresentations or false statements to, or concealed any essential or material fact from, any person in the course of the escrow business.

6. Has knowingly made or caused to be made to the superintendent any false representation of a material fact, or has suppressed or withheld from the superintendent any information which the applicant or agent possesses, and which if submitted by the applicant or agent would have caused the issuance of a license to be withheld or be grounds for the suspension or revocation of a license.

7. Has failed to account properly for escrow property as required by the terms of the escrow.

8. Refuses to permit an examination or investigation by the superintendent of the applicant's or agent's books and affairs, or has refused or failed within a reasonable time to furnish any information or make any report required by the superintendent under this chapter or rules relating to this chapter.

9. Has been convicted of any criminal offense involving moral turpitude within the last fifteen years.

10. Does not have the financial resources, experience, character or competence to adequately serve the public or to warrant the belief that the business will be operated lawfully, honestly, fairly and efficiently pursuant to this chapter.

11. Has disbursed monies in violation of escrow instructions.

12. Has failed to maintain an adequate internal control structure as prescribed by section 6-841.

13. Has caused or allowed any overdraft or returned check for insufficient funds on any of the escrow agent's trust or fiduciary accounts.

14. Has failed to authorize each financial institution with which it has deposited trust or fiduciary funds to notify the superintendent of any overdraft or check returned for insufficient funds on any trust or fiduciary accounts of the escrow agent.

B. It is sufficient cause for refusal, suspension or revocation of a license, in case of a partnership, a corporation or any other group or association, if any member of such persons, or officer or director thereof, has been guilty of any act or omission which would be cause for refusing a license or suspending or revoking the license of an individual agent.

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Last modified: October 13, 2016