On Mar. 31, 2025, AZ LEG reported governor signed, Ch 28, effective Jul. 26, 2025.
On Mar. 31, AZ LEG passed bill re loan payments in escrow account.
AZ LEG passed HB 2345 re monies in escrow account for loan payments, agreements.
Escrow Accounts
Adds AZ FIN 6-7-3-834.01 (escrow; loan agreement) to Arizona revised statutes in order to allow escrow agent to use money from the escrow account to make payments.
Exceptions if loan agreement or a deed in lieu of foreclosure agreement states that it should be used for another purpose, or other provisions stated in loan agreements.
Exceptions also apply if an agreement is entered into by parties that provide a portion of the escrow account to be used to bring the account in arrears, into a current status.
Legislative History
On Jan. 23, 2025, bill introduced in House; on Feb. 13, 2025, bill passed in House.
On Feb. 13, 2025, bill delivered to Senate; on Mar. 24, 2025, bill passed in Senate.
On Mar. 25, 2025, bill was concurred; on Mar 31, 2025, bill was signed by governor.
Effectiveness
If approved, legislation becomes effective 90 days after adjournment, Jul. 26, 2025.
Mar. 31, 2025 AZ LEG Governor Approval
On Mar. 31, 2025, AZ LEG reported governor signed, Ch 28, effective Jul. 26, 2025.
Regulators
AZ LEG
Entity Types
Bank; CNSM; MG Orig
Reference
Ch. 28, 3/31/2025; Bill HB2345, 3/31/2025; Citation: AZ FIN 6-7-3-834;
