The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
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.
A. In lieu of furnishing the bond as required by section 44-1797.01, the seller may deposit with the state treasurer a cash deposit in a like amount or by any of the following:
1. Certificates of deposit issued by banks doing business in this state and insured by the federal deposit insurance corporation.
2. Investment certificates for share accounts issued by a savings and loan association or credit union doing business in this state and insured by the federal savings and loan insurance corporation or the national credit union administration, whichever appropriate.
3. Bearer bonds issued by the United States government or by this state.
B. The financial instruments cited in the foregoing paragraphs shall be assigned to the state treasurer for the principal amount with any interest earned assigned to the depositor.
C. The state treasurer shall maintain cash deposited pursuant to this section in an interest bearing trust account on behalf of the depositor. Deposits plus accrued interest may be withdrawn, if there are no outstanding claims against them, two years after the discount buying organization ceases to do business as such in this state. Deposits may be withdrawn sixty days after the filing of a surety bond as a replacement to the cash deposit.