LEGISLATION ISSUESTue, Nov 24
 Volume I / Issue XVIII The House of Representatives passed SB 1004, the anti-deficiency fix, early this afternoon with a vote of 53-0. SB 1004 included the repeal and replacement of ARS§ 33-814 essentially returning the statute to its original status prior to the passage of SB 1271. With this fix, Arizona will continue to operate as a deed of trust state with the protections that have been in existence since 1971. SB 1004 did pass both the Arizona State Senate and House of Representatives with an emergency clause, and it will go into effect upon Governor Brewer’s signature. We will continue to work with the Arizona Bankers Association on language to address “speculative builders” in the upcoming session in order to resolve this issue entirely. To view the bill please visit: http://www.azleg.gov/legtext/49leg/4s/bills/sb1004s.pdf  |
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