Sen. Steve Pierce, sponsor of SB 1271, feels the bill needs to be fixed due to the unforeseen and unintended consequences of the legislation. 

He has asked the Legislature and the Governor’s office to repeal the bill so that legislators and industry stakeholder groups can work on a new bill to accomplish the original objective of 1271- to help small community banks in Arizona. 

Pierce met with AAR and other stakeholders yesterday to discuss changes to the legislation. The consensus was that there is a more direct way to assist local Arizona banks, who were not eligible to receive any TARP funds, on the ever-growing foreclosure issue. 

AAR will continue to work with the Legislature and the Governor’s office on this important homeowner issue. We’d like to thank Sen. Pierce for all of the time and energy he has put into working on this complex issue as well as for being an open listener and participant in the discussions with all of the engaged stakeholder groups. 

Please look for more information on this as it develops.