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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6-802 - Acknowledgment of report of examination; penalty
6-802. Acknowledgment of report of examination; penalty
A. The deputy director shall examine or cause to be examined each escrow agent as prescribed by section 6-122. The deputy director shall forward a report of the examination to the board of directors of the escrow agent within thirty days after the report is completed. Within thirty days after the report is received, the directors shall meet to consider its contents. Within ten days after the directors' meeting, the chairman of the board of directors shall notify the deputy director of its meeting, shall acknowledge that each director has reviewed the report and shall describe the board's responses to the recommendations of the examiners, including any remedies for violations of this title. In each case, the deputy director may extend the time period in this subsection for a period not to exceed one hundred twenty days applicable to actions by the board of directors and its chairman.
B. Unless excused by the deputy director for cause before or after the date the response is due, an escrow agent who fails to file a timely response to the report of examination shall pay the department up to $100 for each day of delinquency, as assessed by the department.