- 1. Violates any fiduciary duty or obligation, including those listed in Sections R20-4-809 through R20-4-815;
- 2. Violates any state or federal requirement for operating or maintaining trusts, common trust funds, or other accounts;
- 3. Violates any applicable federal or state law or regulation regarding corporations or securities;
- 4. Employs an officer or director who violates a corporate fiduciary duty;
- 5. Is insolvent; or
- 6. Engages in any conduct that the Director determines constitutes an unsafe or unsound business practice jeopardizing the trust company’s financial condition or the interests of a stockholder, creditor, trustor, beneficiary, or trust company’s principal.
For purposes of A.R.S. §§ 6-863 and 6-865, a trust company conducts business in an unsafe manner or its affairs are in an unsound condition if it:
Historical Note
Adopted effective June 30, 1977 (Supp. 77-3). R20-4-807 recodified from R4-4-807 (Supp. 95-1). Amended by final rulemaking at 6 A.A.R. 2471, effective June 8, 2000 (Supp. 00-2). Amended by final rulemaking at 8 A.A.R. 2718, effective June 6, 2002 (Supp. 02-2). Amended by final rulemaking at 29 A.A.R. 1952 (September 1, 2023), effective October 8, 2023 (Supp. 23-3).