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Escrow Agents - DFI

 

Escrow Agents

This License is required of any person carrying on escrow transactions wherein escrow property is delivered to a person not otherwise having any right, title,or interest in connection with the sale, transfer, encumbrance, or lease of real or personal property to be delivered or redelivered upon the contingent happening or non-happening of a specific event or prescribed act.

Who is exempt from this License?  Please review A.R.S. § 6-811

Inquiries concerning the preparation and filing of License and renewal applications with the Department should be directed to the Licensing Division at 602-771-2800 or e-mail at [email protected].  For more detailed contact information, see the “Contact Us” tab.

Forms and Fees

Application Fees and Forms for Escrow Agents
Arizona Revised Statues §6-126 et seq.

The following nonrefundable fees are payable to the department with the filing of the following applications:

Description Fees Forms
New Application 
Each original application shall be accompanied by a nonrefundable fee of one thousand dollars.
$1,000.00
  • Portal Registration/Application Instructions
  • DFI Application Requirements
  • DFI License Application
  • DFI Surety Bond
     
  • Biographical Statement
  • Background Check
  • Escrow Rate Filing Form
Branch Office Application
Each branch application shall be accompanied by a nonrefundable fee of five hundred dollars.
$500.00
  • Portal Branch Application Instructions
  • DFI Branch License Application

License Renewal
$1,000 principal office plus $250 for each branch

License Year: October 1 through September 30
Renewal Due: August 15 through September 30: Without Penalty
October 1 through October 31: With Penalty

$1,000.00 principal office plus $250.00 for each branch
  • Portal Renewal Application Instructions
  • DFI Renewal Application Requirements
  • DFI License Renewal Application
     
  • Biographical Statement
  • Background Check
Address Change $50.00
  • Portal  Service Request Instructions
  • DFI Service Request
Name Change
To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars.
$250.00
  • Portal  Service Request Instructions
  • DFI Service Request Requirements
  • DFI Service Request
  • DFI Surety Bond
Change of Control/Ownership change (“COC”) $0.00
  • Portal  Service Request Instructions
  • DFI Service Request Requirements
  • DFI Service Request
     
  • Biographical Statement
  • Background Check
Officer Change $0.00
  • Portal  Service Request Instructions
  • DFI Service Request
License Surrender $0.00
  • Portal  Service Request Instructions
  • DFI Service Request
Duplicate License
To issue a duplicate or replace a lost enterprise's license, one hundred dollars
100.00
  • Portal  Service Request Instructions
  • DFI Service Request

Required Reports

Description Fees Forms
Escrow Agent Semiannual Financial and Escrow Report 
A.R.S. § 6-832(B)
Due on or before August 15  and February 14  respectively
 
  • Portal  Service Request Instructions
  • DFI Service Request
  • Escrow Agent Semiannual Financial and Escrow Report Form
Escrow Rate Filing  
  • Portal  Service Request Instructions
  • DFI Service Request
  • Escrow Rate Filing Form

 

 

 

Laws, Rules, Substantive Policy Statements & Regulatory Alerts

Chapter 7           ESCROW AGENTS 

Article 1       Administration

6-801           Definitions

6-802           Acknowledgment of report of examination; penalty

  

Article 2      Licensing

6-811           Exemptions

6-812           Foreign corporations

6-813           License of agent; nontransferable; posting

6-814           Procedure for licensing; surety bond

6-815           Renewal of license

6-816           Fees

6-817           Refusal to license; suspension; revocation

  

Article 3      Regulations

6-831           Records

6-832           Annual audit; report

6-833           Seizure of property of impaired escrow agent

6-833.01     Priority of distribution during receivership

6-834           Deposit of monies; definition

6-835           Limit of legal action

6-836           Commissions; other considerations prohibited

6-837           Duty of escrow agent to produce escrow records for inspection; violation; classification

6-838           Surrender of license

6-839           Continuing jurisdiction

6-840           Prohibitions; definitions

6-841           Internal control structure; definition

6-841.01      Fiduciary duty; notice of returned check

6-841.02     Liability of title insurer; closing protection letter; definition

6-841.03     Notice of uninsured monies; rules

6-843           Disbursements; applicability

  

Article 4      Escrow Rates

6-846           Making of escrow rates

6-846.01      Filing of escrow rates

6-846.02     Justification for escrow rates

6-846.03     Disapproval of escrow filings

6-846.04     Deviations in escrow rates; civil penalty

 

 

Arizona Administrative Code Title 20 
Section
R20-4-701. Change in Location of Business
R20-4-702. Account Practices and Records
R20-4-703. Preservation of Records
R20-4-704. Subsidiary Account Records
R20-4-707. Payment to the All Other Escrow Agents Account of the Arizona Escrow Guaranty Fund
R20-4-708. Financial Condition and Resources

Substantive Policy Statements 
ARTICLE 3. ESCROW AGENTS
SEMI-ANNUAL REPORT EA-1 
ANTI-INDUCEMENT STATUTE EA-2
FUNDS DISBURSEMENT STATUTE  EA-3
ARTICLE 1. GENERAL ADMINISTRATION
APPLICATIONS GE-1 
CREDIT REPORTS/ARREST RECORDS  GE-3

Regulatory Alerts

Escrow Agent

Regulatory Alert EA-12-01

Regulatory Alert EA-06-01

 

Examinations

It is the policy of AZDFI to select the most effective and efficient methods of conducting examinations so that significant risks affecting safety and soundness, as well as substantive statutory compliance, can be identified and, if necessary, appropriate supervisory action taken.  Judgment must be utilized to ensure that necessary procedures are performed and ineffective activities are avoided.

The examination fee in accordance with A.R.S. 6-125 is not more than sixty-five dollars per hour for each examiner.  The assessment late penalty is fifty dollars for each day after the thirty day period the enterprise fails to remit the assessment not to exceed the examination assessment amount.

Pursuant to A.R.S. §6-122(B)(5) examination frequency is the accounts held in trust by each escrow agent at least once in every two year period in accordance with A.R.S § 6-122(5) and examine or cause to be examined each escrow agent at least once in every four year period or more frequently if the superintendent considers it necessary.

For questions concerning examination of your company or license, please contact the Financial Enterprise Division at 602-771-2800 or e-mail to [email protected]

 

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Contact Us
Arizona Department of Financial Institutions
100 N 15th Ave Suite 261
Phoenix, AZ 85007
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Phone: 602-771-2800
Fax: 602-381-1225
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