Section R19-1-407. Notice of Legal or Equitable Interest

A.      To enable the Department to fulfill its responsibility under

A.R.S. § 4-112(B)(3), a person that has a legal or equitable interest in a license issued under A.R.S. Title 4 and this Chap- ter shall file with the Department a statement of the interest. A person filing a statement of legal or equitable interest shall use a form that is available from the Department.

B.       A person that has a legal or equitable interest in a license issued under A.R.S. Title 4 and this Chapter shall file with the Department an amended statement of the interest by comply- ing with subsection (A) when:

1.        Any of the information provided in a previous statement of interest changes, or

2.        The person's legal or equitable interest terminates.

C.      To enable the Department to fulfill its responsibility under

A.R.S. § 4-112(B)(3), the Department shall periodically request that the holders of a legal or equitable interest in a license verify in writing to the Director that the statement on file with the Department is correct and accurate. If the holder of a legal or equitable interest in a license fails to respond within 30 days to the Department's request for verification of interest, the Department shall deem the interest terminated.

D.      The Department shall provide notice to a person that files a statement of interest under subsection (A) when there is a dis- ciplinary or compliance action or transfer affecting the license in which the person has an interest and shall allow the person to participate in any proceeding regarding the license.

E.       This Section is authorized by A.R.S. § 4-112(B)(3).

Historical Note

New Section made by final rulemaking at 19 A.A.R.

1338, effective July 6, 2013 (Supp. 13-2).