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AZ SB1689
Bill
Status
Introduced
2/5/2026
Primary Sponsor
John Kavanagh
Click for details
AI Summary
- Removes "home equity revolving loan" as a separate category of consumer lender loans, leaving only consumer loans and consumer revolving loans under the regulatory framework
- Increases the consumer loan threshold from $10,000 to $50,000 for closed-end loans subject to chapter requirements
- Raises the consumer revolving loan credit limit threshold from $10,000 to $30,000 for loans subject to regulation
- Modifies finance charge rate tiers: 36% on amounts up to $10,000 (previously $3,000), 24% on amounts between $10,000-$20,000, and 18% on amounts between $20,000-$50,000
- Increases the maximum loan origination fee cap from $150 to $300 and adds guaranteed asset protection waivers as an allowable fee
Legislative Description
Home equity revolving loan; lenders
Last Action
Senate FIN Committee action: Failed To Pass, voting: (3-3-1-0)
2/16/2026
Committee Referrals
Rules2/5/2026
Finance2/5/2026
Full Bill Text
No bill text available