§ 6-846.04 Deviations in escrow rates; civil penalty

AZ Rev Stat § 6-846.04 (2019) (N/A)

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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 superintendent 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 superintendent 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 superintendent, 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 superintendent may impose civil penalties pursuant to section 6-132 if the superintendent 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.

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