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AZ HB2604

Bill

Status

Introduced

2/11/2014

Primary Sponsor

Sonny Borrelli

Click for details

Origin

House of Representatives

Fifty-first Legislature - Second Regular Session (2014)

AI Summary

  • Amends Arizona Revised Statutes section 6-122 to require the superintendent of financial institutions to enforce section 670 of the John Warner National Defense Authorization Act for fiscal year 2007 (10 U.S.C. § 987) and related federal regulations protecting military members from predatory lending practices.

  • Adds authority in section 6-123 for the superintendent to enter into agreements with the Federal Trade Commission to access the military sentinel network for enforcement purposes related to protecting military members.

  • Establishes in section 44-291 that violations of the federal military lending protection law (10 U.S.C. § 987) and its implementing regulations constitute violations of Arizona's secondary motor vehicle finance transaction laws.

  • Applies the federal military lending restrictions to secondary motor vehicle finance transactions, including those involving auto title loans commonly used by military members.

Legislative Description

Military members; auto title loans

Last Action

Referred to House FI Committee

2/12/2014

Full Bill Text

No bill text available