20-3215. Penalties
134 words·~1 min read·
/az/title-20/20-3215A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. It is a violation of this chapter for any person, provider, broker or party related to the business of life settlements to commit a fraudulent life settlement act.
B. A person who commits a fraudulent life settlement act is guilty of committing insurance fraud and is subject to section 20-466.01.
C. The director may seek an injunction and an order of restitution and may levy a civil penalty pursuant to section 20-466.02 on any person who is licensed pursuant to this chapter and who is found to have committed a fraudulent life settlement act or to have violated any other provision of this chapter.
D. The director may deny, suspend for not more than twelve months, revoke or refuse to renew the license of a person who commits a fraudulent life settlement act.