2012 Arizona Revised Statutes
Title 6 Banks and Financial Institutions
6-991.15 Final decision and order on claim; notice

6-991.15. Final decision and order on claim; notice

A. The superintendent shall make a final written decision and order on a claim within ninety calendar days after receiving a completed application except in the following cases:

1. A proration hearing is pending under section 6-991.11.

2. An application is deficient or fails to comply substantially with the requirements of section 6-991.11 or rules adopted pursuant to this article as determined pursuant to section 6-991.13.

3. The claimant agrees in writing to extend the time for making a decision.

B. If the superintendent fails to render a written decision and order on a claim within ninety calendar days after receiving a completed application, or within an extended period of time provided under subsection A of this section, the claim is considered to be approved on the day following the final day for rendering the decision.

C. The superintendent may approve or deny an application or may enter into a compromise with the claimant to pay less in settlement than the full amount of the claim. If the claimant refuses to accept a settlement offered by the superintendent, the superintendent shall deny the claim.

D. The superintendent shall give notice of a decision and order with respect to the claim to the claimant and to any judgment debtor who has filed a timely response to the claim pursuant to section 6-991.12 as follows:

1. If the superintendent denies the application, the notice shall include the following:

The claimant's application has been denied. If the claimant wishes to pursue the application in court, the claimant must file the application in the court in which the underlying judgment was entered within six months after receiving this notice, pursuant to section 6-991.16, Arizona Revised Statutes.

2. If the superintendent's decision is to make a payment to the claimant out of the mortgage recovery fund, the following notice shall be given to the judgment debtor with a copy of the decision and order of the superintendent:

The decision of the superintendent of financial institutions on the claim of (name of claimant) is to pay $__________ from the mortgage recovery fund. A copy of that decision and order is enclosed. If you desire a judicial review of the superintendent's decision and order or the termination of your licenses and license rights, you may petition the superior court, in the county in which the judgment that is the basis of this claim was rendered, for a judicial review. To be timely, you must file the petition with the court within thirty calendar days after receiving this notice.