2010 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
6-991.13 Correction of deficiencies in the application

6-991.13. Correction of deficiencies in the application

A. If the superintendent determines that a claimant's application fails to comply substantially with the requirements of section 6-991.11 or rules adopted pursuant to this article, the superintendent, within thirty calendar days after receiving the application, shall mail an itemized list of deficiencies to the claimant. For the purposes of this subsection, "comply substantially" means filing with the department the documents that are minimally necessary to process a claim, including at least a certified copy of the judgment, legible copies of documents establishing the underlying transaction and amounts of losses suffered and a statement concerning amounts recovered from or on behalf of the judgment debtor.

B. The claimant must respond within sixty calendar days after receiving the list of deficiencies by providing the information identified by the superintendent. If the claimant fails to correct the deficiencies within sixty calendar days, the department shall close the file unless the claimant requests an extension in writing. A claimant whose file has been closed may submit a new application as provided by section 6-991.11.

C. The deadline prescribed by section 6-991.15 for the superintendent to make a decision on the application is suspended from the date the superintendent mails the list of deficiencies to the applicant until the date the department receives the requested information.