20-1581. Title insurance agents; books; records; revocation of license
163 words·~1 min read·
/az/title-20/20-1581A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Every title insurance agent shall keep books of account, records and vouchers pertaining to the business of title insurance in such a manner that the director may readily ascertain from time to time whether the agent has complied with all applicable provisions of law.
B. A title insurance agent may engage in the business of handling escrows of real property transactions so long as it maintains a separate record of all receipts and disbursements of escrow funds and does not commingle any such funds with its own funds or with funds held by it in any other capacity.
C. If at any time the director determines that a title insurance agent has failed to comply with any applicable provision of law other than any provision of title 6, chapter 7, has been guilty of fraudulent conduct toward the public or any title insurer, or has violated any applicable insurance law, he may, after notice and hearing, revoke the license of such agent.