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 | |
| Branch Office Application Each branch application shall be accompanied by a nonrefundable fee of five hundred dollars. |
$500.00 | |
|
License Renewal License Year: October 1 through September 30 |
$1,000.00 principal office plus $250.00 for each branch | |
| Address Change | $50.00 | |
| Name Change To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars. |
$250.00 | |
| Change of Control/Ownership change (“COC”) | $0.00 | |
| Officer Change | $0.00 | |
| License Surrender | $0.00 | |
| Duplicate License To issue a duplicate or replace a lost enterprise's license, one hundred dollars |
100.00 |
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 |
||
| Escrow Rate Filing |
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
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]
