Arizona Administrative Code
Title 4 - PROFESSIONS AND OCCUPATIONS
Chapter 34 - BOARD OF MANUFACTURED HOUSING
Article 4 - SURETY BONDS
Section R4-34-402 - Cash Deposits

Universal Citation: AZ Admin Code R 4-34-402

Current through Register Vol. 30, No. 38, September 20, 2024

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.

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C. A cash deposit may be withdrawn by the applicant, licensee, or someone having authority to act on behalf of the applicant or licensee, under the following circumstances: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.

Disclaimer: These regulations may not be the most recent version. Arizona may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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