Arizona Laws 6-135.01. Department receivership revolving fund; use of fund
A. The department receivership revolving fund is established to be administered by the deputy director. The fund shall consist of monies from the following sources:
Terms Used In Arizona Laws 6-135.01
- Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Division: means the financial institutions division within the department. See Arizona Laws 6-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
1. Monies awarded and received as fees and costs in receiverships in which the deputy director was the receiver, as provided in Section 6-131.01.
2. Monies received from the department revolving fund, as provided in section 6-135, subsection B.
B. Monies in the fund may be used to pay any costs incurred by the division arising out of the administration of a receivership in which the deputy director is the receiver.
C. The director shall submit to the legislature with the department’s annual budget request a full and complete account of the department receivership revolving fund through the end of its most recent fiscal year.