Arizona Revised Statutes § 6-861 Reports

6-861. Reports

A. The superintendent 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 fifty dollars 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 five thousand dollars or the apparent misapplication of trust funds by an officer, director, agent or employee shall issue a written report to the superintendent explaining the loss.

E. Within thirty days after the service of the complaint, the trust company shall issue a written report to the superintendent 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 of service.

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Last modified: October 13, 2016