2005 Arizona Revised Statutes - Revised Statutes §6-847.01  Arizona escrow recovery fund

A. An Arizona escrow recovery fund is established consisting of monies received pursuant to section 6-847.02. Every escrow agent shall comply with the provisions of this article as a condition of authority to conduct business as an escrow agent in this state.

B. The fund shall be under the immediate supervision of the superintendent.

C. Within the fund the superintendent shall keep separate and distinct the following two accounts:

1. The real property escrow agents account consisting of monies received pursuant to section 6-847.02, subsection A.

2. The account for all other escrow agents consisting of monies received pursuant to section 6-847.02, subsection G.

D. All costs, expenses and liabilities of the fund shall be paid by the fund, shall be assessed against either the real property escrow agents account or account for all other escrow agents, as applicable, and shall not be a general obligation of the state.

E. All monies placed in the accounts of the fund shall be expended only for administrative costs and the purposes of this article as provided in section 6-847.04.