AZ SB1165

Amends Arizona Revised Statutes Section 6-115 to add the word "a" before "deed of trust" in subsection A, clarifying the language regarding obligations secured by real estate.

Requires persons who contract to receive payments for mortgages, deeds of trust, and other real estate-secured obligations to make timely payment of insurance premiums, property taxes, and other collateral obligations.

Specifies that collected monies for insurance premiums, property taxes, and collateral obligations must approximate the actual amounts due when payment is required.

Exempts persons from penalties for late payment of monies when they receive delinquent payments from the payor and exercise reasonable diligence in tendering those payments.

Subjects violators to civil penalties under Section 6-132 of Arizona Revised Statutes.