Blog

An Option to SR22?

Posted by Craig Penrod | Sep 09, 2013 | 0 Comments

If your driver license has been suspended in the State of Arizona, certain statutes require an SR22 certificate of insurance/financial responsibility prior to reinstating.  Although you may already have automobile insurance, SR22 is a separate certificate of insurance which must be filed with the Arizona Motor Vehicle Division prior to reinstatement.

In certain circumstances, there are some who don't wish to involve their insurance company when it comes time to reinstate their driver license.  There is another option, albeit a rather expensive one.

A.R.S. 28-4084 does allow for the filing of an assignment with the Arizona State Treasurer in lieu of an SR22 certificate of insurance:

28-4084. Monies or certificates of deposit as proof; exception

A. The state treasurer may issue a certificate that gives evidence of proof of financial responsibility that the person named in the certificate has deposited with the state treasurer forty thousand dollars in cash or certificates of deposit with a value of forty thousand dollars issued by a financial institution.

B. The state treasurer shall not accept the deposit and issue a certificate for and the director shall not accept the certificate unless the depositor provides evidence that there are no unsatisfied judgments of any kind against the depositor in the county where the depositor resides.

C. The state treasurer shall hold the deposit to satisfy, in accordance with this chapter, an execution on a judgment issued against the person making the deposit for damages, including damages for care and loss of services, because of bodily injury to or death of a person or for damages because of injury to or destruction of property, including the loss of use of the property, resulting from the ownership, maintenance, use or operation of a motor vehicle after the deposit is made.

D. Monies or certificates of deposit deposited pursuant to this section are not subject to attachment or execution unless the attachment or execution arises out of a suit for damages described in subsection C.

E. Deposits of cash or certificates of deposit under this section do not satisfy the financial responsibility requirements prescribed in article 2 of this chapter.

If you have $40,000 you don't mind tying up for one-three years (depending upon the basis of the suspension/revocation), an assignment form can be obtained from the Arizona State Treasurer's Office.  The assignment is taken to your bank who verifies that there is, in fact, $40,000 in certificate(s) of deposit  which can be used for this purpose.  The assignment, certificate(s) of deposit and a current credit report can then be taken to the Arizona State Treasurer's Office who then issues the appropriate paperwork to be filed with the Arizona MVD.

While this certainly is not for everyone, it is one other option provided when it comes time to reinstate your driver license.

The Law Office of Craig W. Penrod has been involved in criminal and DUI defense for more than 25 years. Craig is certified by the State Bar of Arizona as a Certified Criminal Law Specialist, is AV® rated, the highest rating by Martindale Hubbell®, is listed in the Bar Register of Preeminent Lawyers®, and has been selected for inclusion in Southwest Super Lawyers Editions 2008, 2009, 2010, 2011 and 2012. Contact the lawyers at the Law Offices of Craig W. Penrod for a free initial legal consultation if you find yourself facing criminal or DUI charges.

About the Author

Craig Penrod

Craig W. Penrod was born and raised in Arizona and has practiced criminal defense for over 30 years. Mr. Penrod is a member of the State Bar of Arizona, Maricopa County Bar Association, State of Nevada Bar Association, American Bar Association, American Trial Lawyers Association, Arizona Trial Lawyers Association, Nevada Trial Lawyers Association, Arizona Attorneys for Criminal Justice and the National Association of Criminal Defense Lawyers.

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Law Offices of Craig W. Penrod

Penrod footer logo 2

You can depend on our Arizona DUI attorneys and Arizona criminal lawyers if you’ve been charged with driving while intoxicated and/or need a criminal defense. DWI attorneys offer essential legal representation and protect your rights. Make sure you have an Arizona DUI lawyer or Arizona criminal attorney protecting your interests.

Contact Us Today!

Contact our Arizona DUI attorneys and Arizona criminal lawyers for your defense. Our Arizona DUI lawyers and Arizona criminal attorneys are here to protect your rights. Our Phoenix criminal attorneys and Phoenix DUI lawyers will work with you to present the best possible defense.