Ariz. Admin. Code § 4-34-402

Current through Register Vol. 30, No. 50, December 13, 2024

Section R4-34-402 - Cash Deposits

A. Unless exempt under R4-34-401, an applicant or licensee posting cash in lieu of a commercial surety bond shall pay by:

1. Cash. A cash deposit is not transferrable and shall be made in the name of the applicant or licensee as the name appears on the license application or issued license; or

2. Certified or cashier's check or bank or postal money order made payable to the Arizona State Treasurer.

B. Upon receipt of an order from a court of competent jurisdiction directing payment of funds on deposit, the Director shall make payment as directed and suspend the license under A.R.S. § 41-4029. To reinstate the license, the licensee shall return the cash deposit to the required balance or file a commercial surety bond for the full amount, and pay all applicable reinstatement fees.

C. A cash deposit may be withdrawn by the applicant, licensee, or someone having authority to act on behalf of the applicant or licensee, under the following circumstances:

1. A license is not issued to the applicant;

2. The license has been terminated, expired, revoked, or voluntary cancelled for at least two years, and there are no outstanding claims ; and

3. Two years after the licensee files a commercial surety bond that replaces the cash deposit if there are no outstanding claims.

Ariz. Admin. Code § R4-34-402

Adopted effective January 31, 1979 (Supp. 79-1). Former Section R4-34-402 renumbered to R4-34-502, new Section R4-34-402 renumbered from R4-34-902 effective July 3, 1991 (Supp. 91-3). Section repealed by final rulemaking at 6 A.A.R. 47, effective December 8, 1999; new Section adopted by final rulemaking at 6 A.A.R. 145, effective December 8, 1999 (Supp. 99-4). Amended by final rulemaking at 14 A.A.R. 286, effective March 8, 2008 (Supp. 08-1). Amended by final rulemaking at 24 A.A.R. 1499, effective 6/30/2018.