Ariz. Admin. Code § R4-34-402 - Cash Deposits

Current through Register Vol. 48, No. 14, April 8, 2022

A. Unless exempt under R4-34-401, an applicant or licensee posting cash in lieu of a commercial surety bond shall pay by:
1. Cash. A cash deposit is not transferrable and shall be made in the name of the applicant or licensee as the name appears on the license application or issued license; or
2. Certified or cashier's check or bank or postal money order made payable to the Arizona State Treasurer.

3. Cashier's check payable to the State Treasurer,

4. Bank money order payable to the State Treasurer, or

5. Postal money order payable to the State Treasurer.

B. Upon receipt of an order from a court of competent jurisdiction directing payment of funds on deposit, the Director shall make payment as directed and suspend the license under A.R.S. § 41-4029. To reinstate the license, the licensee shall return the cash deposit to the required balance or file a commercial surety bond for the full amount, and pay all applicable reinstatement fees.

C. The cash deposit is not transferable.

D. The applicant shall make the cash deposit in the name of the applicant as it appears on the license application.

E.C. A cash deposit may be withdrawn by the applicant, licensee, or someone having authority to act on behalf of the applicant or licensee, under the following circumstances:
1. A license is not issued to the applicant;
2. The license has been terminated, expired, revoked, or voluntary cancelled for at least two years, and there are no outstanding claims ; and
3. Two years after the licensee files a commercial surety bond that replaces the cash deposit if there are no outstanding claims.

F. Upon written request and subsequent approval by the Deputy Director of the Office of Administration, a cash deposit may be withdrawn by the owner of a sole proprietorship, any partner of a partnership, any person with written evidence of authority to withdraw the cash deposit for a corporation, and any other person who can establish legal right to the cash deposit.

Notes

Ariz. Admin. Code § R4-34-402
Adopted effective January 31, 1979 (Supp. 79-1). Former Section R4-34-402 renumbered to R4-34-502, new Section R4-34-402 renumbered from R4-34-902 effective July 3, 1991 (Supp. 91-3). Section repealed by final rulemaking at 6 A.A.R. 47, effective December 8, 1999; new Section adopted by final rulemaking at 6 A.A.R. 145, effective December 8, 1999 (Supp. 99-4). Amended by final rulemaking at 14 A.A.R. 286, effective March 8, 2008 (Supp. 08-1). Amended by final rulemaking at 24 A.A.R. 1499, effective 6/30/2018.

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