A licensee that desires to surrender its license shall file with the deputy director a certified copy of the resolution of its board of directors or a verified statement of intent signifying this desire, and thereafter shall not accept additional escrow business. On receipt of the resolution or statement of intent, the deputy director shall make an investigation, and if the deputy director determines that the licensee has been discharged from all duties that it has undertaken as an escrow agent, the deputy director shall issue an order to the licensee certifying that it is no longer authorized to exercise the powers of an escrow agent and the licensee shall immediately surrender its license.

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Terms Used In Arizona Laws 6-838

  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Escrow: means any transaction in which any escrow property is delivered with or without transfer of legal or equitable title, or both, and irrespective of whether a debtor-creditor relationship is created, to a person not otherwise having any right, title or interest therein in connection with the sale, transfer, encumbrance or lease of real or personal property, to be delivered or redelivered by that person upon the contingent happening or nonhappening of a specified event or performance or nonperformance of a prescribed act, when it is then to be delivered by such person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor, or any designated agent or employee of any of them. See Arizona Laws 6-801
  • Escrow agent: means any person engaged in the business of accepting escrows. See Arizona Laws 6-801
  • License: means a license issued pursuant to this chapter. See Arizona Laws 6-801
  • Licensee: means a person licensed pursuant to this chapter. See Arizona Laws 6-801
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