State RegulationsAZ specificDifficulty 3/5
An Arizona producer applying for life settlement broker authority holds a license with more than two years remaining. What fee applies to the settlement broker authority, and how does it differ when less than two years remain?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-3202, the life settlement broker authority fee is $500 for a new license or when two or more years remain on the license, and $250 when less than two years remain.
Why the other options are wrong
- A) This reverses the two fee tiers established in A.R.S. 20-3202.
- C) The flat $500 reading ignores the reduced fee for licenses with less than two years remaining.
- D) The flat $250 reading ignores the standard $500 fee for new licenses and longer remaining terms.
Memory hook
Two years or more left pays $500; under two pays $250.