Arizona Laws 6-836. Commissions; other considerations prohibited
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No escrow agent may pay or give a commission or any part of its fees or charges, including fees for escrow services or other consideration, as an inducement or as compensation for any escrow business.
Terms Used In Arizona Laws 6-836
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means any transaction in which any escrow property is delivered with or without transfer of legal or equitable title, or both, and irrespective of whether a debtor-creditor relationship is created, to a person not otherwise having any right, title or interest therein in connection with the sale, transfer, encumbrance or lease of real or personal property, to be delivered or redelivered by that person upon the contingent happening or nonhappening of a specified event or performance or nonperformance of a prescribed act, when it is then to be delivered by such person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor, or any designated agent or employee of any of them. See Arizona Laws 6-801
- Escrow business: means a commercial activity characterized by the regular and continuous carrying on of escrow transactions. See Arizona Laws 6-801
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215