Arizona SB 1014/Chapter 36 was signed by Republican Gov. Jan Brewer on March 16. Effective 90 days after adjournment, it amends current law concerning application fees for financial institutions and enterprises, including licensing for consumer lenders, escrow agents, and loan originators. The bill is sponsored by Senator John McComish (R-Ahwatukee).
On March 22, the Arizona Senate voted unanimously to pass HB 2079, a bill modifying mortgage broker’s license application requirements. The bill is now awaiting concurrence in amendments by the House. As amended, the bill would require that, in order to qualify for a mortgage banker license or a renewal of a license, an applicant must at all times have and maintain a net worth of not less than $25,000 (instead of $250,000) and that negative equity in a person’s primary residence would not impact their net worth for these purposes.
