Arizona Laws 35-1211. Civil penalties; hearing; noncompliance
A. The administrator may assess against and collect the following from an eligible depository for noncompliance with the requirements of this chapter:
Terms Used In Arizona Laws 35-1211
- Administrator: means the statewide collateral pool administrator. See Arizona Laws 35-1201
- Eligible collateral: means any collateral that is authorized pursuant to section 35-323. See Arizona Laws 35-1201
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- negligently: import a want of such attention to the nature or probable consequence of the act or omission as a prudent man ordinarily bestows in acting in his own concerns. See Arizona Laws 1-215
- Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
1. A civil penalty of not more than two hundred fifty dollars for each day the eligible depository fails to maintain with its qualified escrow agent eligible collateral as required by this article.
2. A civil penalty of not more than one hundred dollars for each day beyond the time period specified in this article or by the policy of the administrator that the depository negligently or wilfully fails to file in the office of the administrator a written report required by this article.
B. The eligible depository deemed in noncompliance may request a hearing before a civil penalty is imposed pursuant to this section. Any civil penalty assessed under this section shall be paid within thirty days after receipt of the assessment, or the administrator may assess and collect an additional penalty of five per cent of the amount of the civil penalty for each month or part of a month that the payment is delinquent. The administrator may make available to the public relevant information regarding civil penalties assessed against an eligible depository.
C. Any penalties collected pursuant to this section shall be deposited, pursuant to sections 35-146 and 35-147, in the state general fund.
D. If an eligible depository fails to pay the penalties assessed by the administrator pursuant to this section, the administrator may notify local agency treasurers with deposits in the eligible depository of the noncompliance.