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AZ SB1012
Bill
Status
1/14/2013
Primary Sponsor
Edward Ableser
Click for details
AI Summary
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Amends Arizona Revised Statutes section 6-909 to expand mortgage broker duties and prohibited practices regarding residential mortgage loans.
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Requires mortgage brokers to verify borrowers' reasonable ability to repay residential mortgage loans based on verified income and financial resources, using fully indexed interest rates for adjustable-rate loans.
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Prohibits mortgage brokers from engaging in churning (repeatedly refinancing loans without providing reasonable tangible benefit to borrower), predatory lending with intent to foreclose, steering borrowers to lower-grade loans without informed consent, or charging fees for services not provided.
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Prohibits mortgage brokers from compensating, coercing or intimidating appraisers to influence property valuations in residential mortgage transactions.
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Requires mortgage brokers to reasonably supervise loan originators employed under article 4 of the chapter.
Legislative Description
Residential mortgages; mortgage broker duties
Last Action
Referred to Senate FIN Committee
1/15/2013