Arizona Laws 6-1417. Servicing of premium finance agreements
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A. A licensee may receive and disburse monies in the servicing of premium finance agreements. All monies received in the process of servicing these agreements shall be kept separate, distinct and apart from funds belonging to the licensee and shall be deposited with a financial institution located in this state or a financial institution in another state that maintains insurance on its deposits by the federal deposit insurance corporation. All funds collected shall remain in the financial institution until remitted to the person entitled to the funds.
Terms Used In Arizona Laws 6-1417
- 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.
- Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
- Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
- Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
B. The licensee shall keep a record of all monies collected and the remittance of the monies.