State Codes and Statutes

Statutes > Arizona > Title6 > 6-847.02

6-847.02. Payments to the fund

A. Every real property escrow agent shall pay to the fund in the following manner:

1. Every person that is a real property escrow agent on January 1, 1993 shall pay a one time contribution of five thousand dollars into the fund prior to January 15, 1993.

2. From and after January 1, 1993, every person upon becoming a real property escrow agent, that has not already paid a one time contribution, shall pay a one time contribution of five thousand dollars into the fund.

3. In addition to the payments required by paragraphs 1 and 2 of this subsection, every real property escrow agent shall pay into the fund monies totalling three per cent of its gross escrow fees charged for closing any sale or loan transaction on or after January 1, 1993 and for account servicing performed or provided from or after October 1, 1994.

B. Payments made pursuant to subsection A, paragraph 3 of this section shall be made quarterly and shall be due on the fifteenth day of the month following the end of the quarter for which the payment is made. Payments shall be accompanied by reports in the form required by the superintendent.

C. The superintendent shall deposit, pursuant to sections 35-146 and 35-147, all monies paid pursuant to subsection A of this section in the real property escrow agents account, under section 6-847.01, subsection C, paragraph 1, within the fund.

D. Payments to the fund pursuant to subsection A, paragraph 3 of this section shall be required on all sales and transactions until the balance including interest of the real property escrow agents account equals four million dollars, at which time the superintendent shall advise all real property escrow agents that have paid to the fund for at least two years, in writing, that payments for future sales and transactions under subsection A, paragraph 3 of this section be discontinued. Real property escrow agents that have not paid to the fund for at least two years at the time the payments are discontinued shall continue to pay to the fund until they have contributed for two years.

E. On or before January 31 of each year, if the real property escrow agents account balance on December 31 of the previous year exceeds four million dollars and the superintendent determines that potentially covered claims will not be greater than the amount by which the account exceeds four million dollars, the superintendent shall disburse monies in excess of four million dollars in the following manner:

1. The account balance shall first be reduced pursuant to section 6-847.04, subsection D.

2. Every escrow agent that is licensed at the time of the disbursal from the fund and that has paid into the fund shall receive a percentage of the remaining excess. The percentage shall be calculated by dividing that escrow agent's total contributions by the total account balance on December 31 of the applicable year.

3. Any funds remaining after disbursement under paragraphs 1 and 2 of this subsection shall remain in the account.

F. If payments have been discontinued under subsection D of this section and the account balance is less than four million dollars, the superintendent may, at his discretion, direct real property escrow agents, in writing, to resume payments in accordance with subsection A, paragraph 3 of this section, and real property escrow agents shall resume making payments beginning with the next full month following the date of notice from the superintendent.

G. Every escrow agent who is not a real property escrow agent or a wholly owned subsidiary of a real property escrow agent shall pay a contribution to the fund at such times and in such amounts as the superintendent shall prescribe by rule. The superintendent shall deposit, pursuant to sections 35-146 and 35-147, all monies paid pursuant to this subsection in the account for all other escrow agents, under section 6-847.01, subsection C, paragraph 2, within the fund.

H. Notwithstanding subsection D of this section, the superintendent may order escrow agents to continue payments to the fund after the fund balance exceeds four million dollars if there is an open escrow agent receivership that may require additional monies.

State Codes and Statutes

Statutes > Arizona > Title6 > 6-847.02

6-847.02. Payments to the fund

A. Every real property escrow agent shall pay to the fund in the following manner:

1. Every person that is a real property escrow agent on January 1, 1993 shall pay a one time contribution of five thousand dollars into the fund prior to January 15, 1993.

2. From and after January 1, 1993, every person upon becoming a real property escrow agent, that has not already paid a one time contribution, shall pay a one time contribution of five thousand dollars into the fund.

3. In addition to the payments required by paragraphs 1 and 2 of this subsection, every real property escrow agent shall pay into the fund monies totalling three per cent of its gross escrow fees charged for closing any sale or loan transaction on or after January 1, 1993 and for account servicing performed or provided from or after October 1, 1994.

B. Payments made pursuant to subsection A, paragraph 3 of this section shall be made quarterly and shall be due on the fifteenth day of the month following the end of the quarter for which the payment is made. Payments shall be accompanied by reports in the form required by the superintendent.

C. The superintendent shall deposit, pursuant to sections 35-146 and 35-147, all monies paid pursuant to subsection A of this section in the real property escrow agents account, under section 6-847.01, subsection C, paragraph 1, within the fund.

D. Payments to the fund pursuant to subsection A, paragraph 3 of this section shall be required on all sales and transactions until the balance including interest of the real property escrow agents account equals four million dollars, at which time the superintendent shall advise all real property escrow agents that have paid to the fund for at least two years, in writing, that payments for future sales and transactions under subsection A, paragraph 3 of this section be discontinued. Real property escrow agents that have not paid to the fund for at least two years at the time the payments are discontinued shall continue to pay to the fund until they have contributed for two years.

E. On or before January 31 of each year, if the real property escrow agents account balance on December 31 of the previous year exceeds four million dollars and the superintendent determines that potentially covered claims will not be greater than the amount by which the account exceeds four million dollars, the superintendent shall disburse monies in excess of four million dollars in the following manner:

1. The account balance shall first be reduced pursuant to section 6-847.04, subsection D.

2. Every escrow agent that is licensed at the time of the disbursal from the fund and that has paid into the fund shall receive a percentage of the remaining excess. The percentage shall be calculated by dividing that escrow agent's total contributions by the total account balance on December 31 of the applicable year.

3. Any funds remaining after disbursement under paragraphs 1 and 2 of this subsection shall remain in the account.

F. If payments have been discontinued under subsection D of this section and the account balance is less than four million dollars, the superintendent may, at his discretion, direct real property escrow agents, in writing, to resume payments in accordance with subsection A, paragraph 3 of this section, and real property escrow agents shall resume making payments beginning with the next full month following the date of notice from the superintendent.

G. Every escrow agent who is not a real property escrow agent or a wholly owned subsidiary of a real property escrow agent shall pay a contribution to the fund at such times and in such amounts as the superintendent shall prescribe by rule. The superintendent shall deposit, pursuant to sections 35-146 and 35-147, all monies paid pursuant to this subsection in the account for all other escrow agents, under section 6-847.01, subsection C, paragraph 2, within the fund.

H. Notwithstanding subsection D of this section, the superintendent may order escrow agents to continue payments to the fund after the fund balance exceeds four million dollars if there is an open escrow agent receivership that may require additional monies.


State Codes and Statutes

State Codes and Statutes

Statutes > Arizona > Title6 > 6-847.02

6-847.02. Payments to the fund

A. Every real property escrow agent shall pay to the fund in the following manner:

1. Every person that is a real property escrow agent on January 1, 1993 shall pay a one time contribution of five thousand dollars into the fund prior to January 15, 1993.

2. From and after January 1, 1993, every person upon becoming a real property escrow agent, that has not already paid a one time contribution, shall pay a one time contribution of five thousand dollars into the fund.

3. In addition to the payments required by paragraphs 1 and 2 of this subsection, every real property escrow agent shall pay into the fund monies totalling three per cent of its gross escrow fees charged for closing any sale or loan transaction on or after January 1, 1993 and for account servicing performed or provided from or after October 1, 1994.

B. Payments made pursuant to subsection A, paragraph 3 of this section shall be made quarterly and shall be due on the fifteenth day of the month following the end of the quarter for which the payment is made. Payments shall be accompanied by reports in the form required by the superintendent.

C. The superintendent shall deposit, pursuant to sections 35-146 and 35-147, all monies paid pursuant to subsection A of this section in the real property escrow agents account, under section 6-847.01, subsection C, paragraph 1, within the fund.

D. Payments to the fund pursuant to subsection A, paragraph 3 of this section shall be required on all sales and transactions until the balance including interest of the real property escrow agents account equals four million dollars, at which time the superintendent shall advise all real property escrow agents that have paid to the fund for at least two years, in writing, that payments for future sales and transactions under subsection A, paragraph 3 of this section be discontinued. Real property escrow agents that have not paid to the fund for at least two years at the time the payments are discontinued shall continue to pay to the fund until they have contributed for two years.

E. On or before January 31 of each year, if the real property escrow agents account balance on December 31 of the previous year exceeds four million dollars and the superintendent determines that potentially covered claims will not be greater than the amount by which the account exceeds four million dollars, the superintendent shall disburse monies in excess of four million dollars in the following manner:

1. The account balance shall first be reduced pursuant to section 6-847.04, subsection D.

2. Every escrow agent that is licensed at the time of the disbursal from the fund and that has paid into the fund shall receive a percentage of the remaining excess. The percentage shall be calculated by dividing that escrow agent's total contributions by the total account balance on December 31 of the applicable year.

3. Any funds remaining after disbursement under paragraphs 1 and 2 of this subsection shall remain in the account.

F. If payments have been discontinued under subsection D of this section and the account balance is less than four million dollars, the superintendent may, at his discretion, direct real property escrow agents, in writing, to resume payments in accordance with subsection A, paragraph 3 of this section, and real property escrow agents shall resume making payments beginning with the next full month following the date of notice from the superintendent.

G. Every escrow agent who is not a real property escrow agent or a wholly owned subsidiary of a real property escrow agent shall pay a contribution to the fund at such times and in such amounts as the superintendent shall prescribe by rule. The superintendent shall deposit, pursuant to sections 35-146 and 35-147, all monies paid pursuant to this subsection in the account for all other escrow agents, under section 6-847.01, subsection C, paragraph 2, within the fund.

H. Notwithstanding subsection D of this section, the superintendent may order escrow agents to continue payments to the fund after the fund balance exceeds four million dollars if there is an open escrow agent receivership that may require additional monies.

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