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AZ HB2604
Bill
Status
2/11/2014
Primary Sponsor
Sonny Borrelli
Click for details
AI Summary
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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.
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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.
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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.
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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