32-1027 - Arizona Statutes

32-1027. Issuance of provisional license for limited purposes In the event of the death of an individual licensee, dissolution of a licensee partnership by death or operation of law, or termination of employment of the active manager if the licensee is a firm, partnership, association or corporation, if it is shown that the financial and bonding requirements of this chapter have been met, the superintendent shall issue without fee a provisional license to the personal representative of the deceased or his appointee, to the surviving partners, or to the firm, association or corporation, as the case may be, which shall be valid for the following purposes only and expire at the following times: 1. A provisional license issued to a personal representative or his appointee shall expire one year from the date of issuance and shall not be subject to renewal. Authority of the provisional licensee shall be limited to those activities deemed necessary to wind up the business of the former licensee. 2. Other provisional licenses shall expire three months from the date of issuance unless the provisional licensee within such period can qualify for a full license.