Arizona Laws 32-1152.01. Alternatives to cash deposit
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A. As an alternative to the cash deposit provided for in section 32-1152, subsection B, a contractor may substitute any of the following:
Terms Used In Arizona Laws 32-1152.01
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Registrar: means the registrar of contractors. See Arizona Laws 32-1101
1. Certificates of deposit assigned to the registrar, issued by banks doing business in this state and insured by the federal deposit insurance corporation.
2. Investment certificates or share accounts assigned to the registrar and issued by a savings and loan association doing business in this state and insured by the federal deposit insurance corporation.
B. The terms and conditions surrounding each of such types of security may be prescribed by the registrar.