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AZ HB2297
Bill
Status
4/12/2011
Primary Sponsor
John McComish
Click for details
AI Summary
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Amends section 6-122 to remove the requirement that the superintendent conduct biannual surveys of escrow agents and compile survey results for public availability.
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Modifies section 6-841.02 to require title insurers to offer closing protection letters on request (rather than discretionary offer) and to establish that title insurers must be licensed under chapter 6 to trigger reimbursement obligations.
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Repeals Title 6, Chapter 7, Article 5 of Arizona Revised Statutes, eliminating the Arizona escrow recovery fund.
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Transfers any remaining monies in the Arizona escrow recovery fund to the state general fund as of the bill's effective date.
Legislative Description
Escrow agents; recovery fund; repeal
Last Action
Governor Signed
4/12/2011