Ariz. Rev. Stat. § 6-846.04

Current through L. 2024, ch. 202
Section 6-846.04 - Deviations in escrow rates; civil penalty
A. An escrow agent may not deviate from his escrow rates that are in effect pursuant to section 6-846.01.
B. If the deputy director finds that an escrow rate has been charged that deviates from the escrow rate in effect pursuant to section 6-846.01, the escrow agent may be subject to a penalty that is equal to the difference between the rate charged and the allowable rate in effect pursuant to section 6-846.01.
C. If the deputy director finds that an escrow agent knowingly or with such frequency as to indicate a general business practice violated subsection A of this section with respect to a particular provision of the applicable escrow rate, the deputy director, in addition to the penalty imposed under subsection B of this section, may:
1. For each violation, impose an additional penalty of not more than two times the penalty imposed under subsection B of this section.
2. Revoke the escrow agent's license.
D. In addition to penalties imposed under subsection B or C of this section, the deputy director may impose civil penalties pursuant to section 6-132 if the deputy director finds that an escrow agent knowingly violated subsection A of this section with respect to a particular provision of the applicable escrow rate by charging rates that are greater than the rates allowable pursuant to section 6-846.01.

A.R.S. § 6-846.04

Amended by L. 2021, ch. 356,s. 183, eff. 9/29/2021.