2005 Arizona Revised Statutes - Revised Statutes §6-802  Acknowledgment of report of examination; penalty

A. The superintendent shall examine or cause to be examined each escrow agent as prescribed by section 6-122. The superintendent shall forward a report of the examination to the board of directors of the escrow agent within thirty days after the report is completed. Within thirty days after the report is received, the directors shall meet to consider its contents. Within ten days after the directors' meeting, the chairman of the board of directors shall notify the superintendent of its meeting, shall acknowledge that each director has reviewed the report and shall describe the board's responses to the recommendations of the examiners, including any remedies for violations of this title. In each case, the superintendent may extend the time period in this subsection for a period not to exceed one hundred twenty days applicable to actions by the board of directors and its chairman.

B. Unless excused by the superintendent for cause before or after the date the response is due, an escrow agent who fails to file a timely response to the report of examination shall pay the department up to one hundred dollars for each day of delinquency, as assessed by the department.