Bill Text: AZ SB1165 | 2015 | Fifty-second Legislature 1st Regular | Introduced
Bill Title: Insurance premium transmitters; technical correction
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-01-27 - Referred to Senate RULES Committee [SB1165 Detail]
Download: Arizona-2015-SB1165-Introduced.html
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REFERENCE TITLE: insurance premium transmitters; technical correction |
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State of Arizona Senate Fifty-second Legislature First Regular Session 2015
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SB 1165 |
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Introduced by Senator Farnsworth D
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AN ACT
Amending section 6-115, Arizona Revised Statutes; relating to the department of financial institutions.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 6-115, Arizona Revised Statutes, is amended to read:
6-115. Insurance premium transmitters; timely payment required; civil penalty
A. A person who contracts to receive a payment that includes an amount for payment of a mortgage, a deed of trust or any other obligation secured by real estate and any amounts to be tendered for payment of an insurance policy premium, a property tax assessment or any other collateral obligation shall make timely payment of those amounts, except as provided in subsection C of this section.
B. Monies collected for payment of an insurance policy premium, a property tax assessment or any other collateral obligation shall be such that the total of the payments collected for each category during the insurance, tax or other period will approximate the actual insurance premium, tax or other payment when due.
C. A person who contracts to receive and tender monies as described in subsection A of this section and who receives a delinquent payment from the payor shall exercise reasonable diligence in tendering those payments and is not subject to a penalty for failure to make a timely payment of those monies when first due.
D. A person who violates this section is subject to a civil penalty under section 6‑132.
