32-1152.01 - Arizona Statutes

32-1152.01. Alternatives to cash deposit A. As an alternative to the cash deposit provided for in section 32-1152, subsection B, a contractor may substitute any of the following: 1. Certificates of deposit assigned to the registrar, issued by banks doing business in this state and insured by the federal deposit insurance corporation. 2. Investment certificates or share accounts assigned to the registrar and issued by a savings and loan association doing business in this state and insured by the federal deposit insurance corporation. B. The terms and conditions surrounding each of such types of security shall be prescribed by the registrar.