Arizona Laws 20-1581. Title insurance agents; books; records; revocation of license
A. Every title insurance agent shall keep books of account, records and vouchers pertaining to the business of title insurance in such a manner that the director may readily ascertain from time to time whether the agent has complied with all applicable provisions of law.
Terms Used In Arizona Laws 20-1581
- Business of title insurance: shall be deemed to be:
(a) The making as insurer, guarantor or surety, or proposing to make as insurer, guarantor or surety, of any contract or policy of title insurance. See Arizona Laws 20-1562
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Title insurance: means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in or the unmarketability of the title to such property, guaranteeing, warranting or otherwise insuring the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Arizona Laws 20-1562
- Title insurance agent: means a domestic or foreign stock corporation or limited liability company authorized in writing by a title insurer to solicit insurance and collect premiums and to issue or countersign policies in its behalf, except that the term "title insurance agent" shall not include officers or salaried employees of any title insurer authorized to do a title insurance business within this state. See Arizona Laws 20-1562
- Title insurer: means any domestic company organized under the provisions of this title for the purpose of insuring titles to real property, any title insurance company organized under the laws of another state and licensed to insure titles to real estate within this state pursuant to the provisions of this article, and any domestic or foreign company having the power and authorized to insure titles to real estate within this state as of January 1, 1968 which meet the requirements of this article. See Arizona Laws 20-1562
B. A title insurance agent may engage in the business of handling escrows of real property transactions so long as it maintains a separate record of all receipts and disbursements of escrow funds and does not commingle any such funds with its own funds or with funds held by it in any other capacity.
C. If at any time the director determines that a title insurance agent has failed to comply with any applicable provision of law other than any provision of Title 6, Chapter 7, has been guilty of fraudulent conduct toward the public or any title insurer, or has violated any applicable insurance law, he may, after notice and hearing, revoke the license of such agent.