Arizona Laws 6-1404. Denial, suspension or revocation of licenses and branch office permits
A. The deputy director may deny a license to a person or suspend or revoke a license if the deputy director finds that an applicant or licensee:
Terms Used In Arizona Laws 6-1404
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
- Branch office: means any place of business maintained by a licensee in addition to the principal place of business of a licensee. See Arizona Laws 6-1401
- 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.
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. Is insolvent as defined in section 47-1201.
2. Refuses to allow an examination by the deputy director of the licensee’s books and affairs or refuses or fails, within a reasonable time, to furnish any information or make any report that may be required by the deputy director.
3. Has been convicted in any state of a felony or any crime of breach of trust or dishonesty.
4. Has had a final judgment entered against the person in a civil action on grounds of fraud, deceit or misrepresentation and the conduct on which the judgment is based indicates that it would be contrary to the interest of the public to allow that person to be licensed or to control or manage a licensee.
5. Has had an order entered against the person involving fraud, deceit or misrepresentation by any administrative agency of this state, the federal government or any other state or territory of the United States and the facts relating to the order indicate that it would be contrary to the interest of the public to allow that person to be licensed or to control or manage a licensee.
6. Has violated any applicable law, rule or order.
7. Has failed to pay the license or annual renewal fees.
8. Has failed to file an annual report when due or within any extension of time that the deputy director, for good cause, may have granted.
9. Fails to have or maintain at least $25,000 in liquid assets available for use in conducting the business.
B. If any person to whom a license is issued or who has applied for a license is indicted or informed against for forgery, embezzlement, obtaining money under false pretenses, extortion, criminal conspiracy to defraud, or a like offense or offenses and a certified copy of the indictment or information or other proper evidence of that indictment or information is filed with the deputy director, the deputy director may suspend the license issued to the licensee or refuse to grant a license to an applicant pending trial on the indictment or information.
C. It is sufficient cause for the suspension or revocation of the license if an owner, officer, director, member, partner, trustee or employee, while acting in the course of the premium finance business, or a person who is entitled to vote more than twenty percent of the outstanding voting shares of the licensed corporation or a person who has a controlling interest in a licensed limited liability company, partnership, association or trust has acted or failed to act in the same manner as would be cause for suspending or revoking a license of the person to whom the license was issued.
D. The deputy director may deny a branch office permit to a person or suspend or revoke a branch office permit for the same reasons sufficient under this section for denial, suspension or revocation of a license.