The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 2nd Regular Session, which convenes in January 2020.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
6-846.04 - Deviations in escrow rates; civil penalty
6-846.04. Deviations in escrow rates; civil penalty
A. An escrow agent may not deviate from his escrow rates that are in effect pursuant to section 6-846.01.
B. If the superintendent finds that an escrow rate has been charged that deviates from the escrow rate in effect pursuant to section 6-846.01, the escrow agent may be subject to a penalty that is equal to the difference between the rate charged and the allowable rate in effect pursuant to section 6-846.01.
C. If the superintendent finds that an escrow agent knowingly or with such frequency as to indicate a general business practice violated subsection A of this section with respect to a particular provision of the applicable escrow rate, the superintendent, in addition to the penalty imposed under subsection B of this section, may:
1. For each violation, impose an additional penalty of not more than two times the penalty imposed under subsection B of this section.
2. Revoke the escrow agent's license.
D. In addition to penalties imposed under subsection B or C of this section, the superintendent may impose civil penalties pursuant to section 6-132 if the superintendent finds that an escrow agent knowingly violated subsection A of this section with respect to a particular provision of the applicable escrow rate by charging rates that are greater than the rates allowable pursuant to section 6-846.01.