AZ HB2345

Adds section 6-834.01 to Arizona Revised Statutes governing escrow agent use of monies in escrow accounts related to loan agreements.

Restricts escrow agents to using account monies only for one-time or multiple payments pursuant to the loan agreement, unless specified exceptions apply.

Permits alternative uses of escrow monies if the loan agreement, deed in lieu of foreclosure agreement, or a settlement negotiation agreement specifically authorizes and states the alternative purpose.

Allows escrow monies to be used to bring an account in arrears to current status if the parties enter into an agreement providing for this use.

Legislature declares the act contains clarifying changes only and does not constitute substantive changes to existing law.