The Arizona Revised Statutes have been updated to include the revised sections from the 55th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 1st Regular Session, which convenes in January 2023.
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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.
6-1215 - Notice and information requirements for a change of key individuals
6-1215. Notice and information requirements for a change of key individuals
A. A licensee adding or replacing any key individual shall provide both of the following:
1. Notice in a manner prescribed by the director within fifteen days after the effective date of the key individual's addition or replacement.
2. Information as required by section 6-1210 within forty-five days after the effective date of the key individual's addition or replacement.
B. Within ninety days after the date on which the notice provided pursuant to subsection A of this section is determined to be complete, the director may issue a notice of disapproval of a key individual if the competence or experience of the individual is not in the best interests of the public or the customers of the licensee to allow the individual to be a key individual of the licensee.
C. A notice of disapproval shall contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual.A licensee may appeal a notice of disapproval pursuant to title 41, chapter 6, article 10.
D. If the notice provided pursuant to subsection A of this section is not disapproved within ninety days after the date on which the notice is determined to be complete, the key individual is approved.
E. If a multistate licensing process includes a key individual notice review and disapproval process pursuant to this section and the licensee is subject to the multistate licensing process:
1. The director may accept the determination of another state if the investigating state has sufficient staffing, expertise and minimum standards for the purposes of this section.
2. If this state is a lead investigative state, the director may investigate the applicant subject to the time frames established by agreement through the multistate licensing process.