6-852
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6-852. Exemptions and permitted activities A. For the purposes of this article, a person does not engage in the trust business by: 1. Rendering services as an attorney-at-law in the performance of his duties as such. 2. Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act. 3. Acting as a trustee in bankruptcy or as a receiver. 4. Holding trusts of real estate for the primary purpose of subdivision, development or sale, or to facilitate any business transaction with respect to such real estate, provided such person is not regularly engaged in the business of acting as a trustee for such trusts. 5. Engaging in the business of a debt management company to the extent of the activities for which it is licensed under chapter 6 of this title. 6. Engaging in the business of an escrow agent to the extent of the activities for which it is licensed under chapter 7 of this title. 7. Holding assets as trustee of trusts created for charitable purposes. 8. Receiving rents and proceeds of sale as a licensed real estate broker on behalf of a principal. 9. Engaging in securities transactions as a dealer or salesman registered under title 44, chapter 12. 10. Acting as a guardian, conservator, special conservator, trustee or personal representative pursuant to a court order under title 14 or 36. B. Insurance companies licensed to write life insurance policies and annuity or endowment contracts in the state of Arizona and subject to regulation and control of the director of insurance are excluded from the provisions of this chapter, except the provisions of section 6-860. C. A bank, savings and loan association or credit union not exercising trust powers may act as a trustee or custodian of individual retirement accounts established pursuant to the employees retirement income security act of 1974 or self-employed retirement plans established pursuant to the self-employed individuals tax retirement act of 1962 without the prior written consent of the superintendent if both: 1. The duties of the bank, savings and loan association or credit union as trustee or custodian are essentially custodial or ministerial in nature. 2. The bank, savings and loan association or credit union is required to invest the funds from such plans only in its own time or savings deposits or shares. |