Arizona Arizona Revised Statutes
§ 6-991.11 — Statute of limitations; service of summons; application for payment; insufficient monies; definition
ARS § 6-991.11Title 6. Banks and Financial Institutions · Ch. 9. MORTGAGE BROKERS, MORTGAGE BANKERS AND LOAN ORIGINATORS · Art. 4. Loan Originators
Statute text
View on source6-991.11. Statute of limitations; service of summons; application for payment; insufficient monies; definition A. An action for a judgment that subsequently results in an order for payment from the mortgage recovery fund shall be started not later than five years after the accrual of the cause of action. B. If an aggrieved person commences an action for a judgment that may result in an order for payment from the mortgage recovery fund and the defendant licensee cannot be served process personally in this state, the summons may be served by the alternative methods of service provided for by the Arizona rules of civil procedure, including service by publication. A judgment that complies with this section and that was obtained after service by publication only applies to and is enforceable against the mortgage recovery fund. The department may intervene in and defend any such action. C. An aggrieved person may apply to the department for payment from the mortgage recovery fund after the aggrieved person obtains a judgment against a loan originator based on the licensee's act, representation, transaction or conduct in violation of this title or the rules adopted pursuant to this title. The claimant must file the original application, including appendices, within two years after the termination of all proceedings, reviews and appeals connected with the judgment. The deputy director, in the deputy director's sole discretion, may waive the two-year application deadline if the deputy director determines that the waiver best serves the public interest. Delivery of the application must be by personal service or by certified mail, return receipt requested. D. The application must be within the limitations prescribed in section 6-991.09 and for the amount that is unpaid on the judgment and that represents the claimant's actual and direct loss on the transaction. E. The department shall prescribe and supply an application form that includes detailed instructions with respect to documentary evidence, pleadings, court rulings, the products of discovery in the underlying litigation and notice requirements to the judgment debtor under section 6-991.12. The claimant must submit the claim on an application form supplied by the department. The application must include: 1. The claimant's name and address. 2. If the claimant is represented by an attorney, the attorney's name, business address and telephone number. 3. The judgment debtor's name and address or, if unknown, the names and addresses of persons who may know the judgment debtor's present location. 4. A detailed narrative statement of the facts explaining the allegations of the complaint on which the underlying judgment is based, with a copy of the contracts, receipts and other documents from the transaction, the last amended complaint, all existing recorded judgments, documentation of actual and direct out-of-pocket losses and any offsetting payment received and all collection efforts attempted. 5. The identification of the judgment, the amount of the claim and an explanation of its computation, including an itemized list of actual and compensatory damages awarded and claimed. 6. For the purpose of an application that is not based on a criminal restitution order, a statement by the claimant, signed under penalty of perjury, that the complaint on which the underlying judgment is based was prosecuted conscientiously and in good faith. For the purposes of this paragraph, "conscientiously and in good faith" means that all of the following apply:
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