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Arizona Revised Statutes Title 33. Property § 33-420.01. Suspension of line of credit;  payoff demand statement;  definitions

Current as of March 08, 2022 | Updated by FindLaw Staff

A. A secured lender under a revolving line of credit against real property shall suspend the revolving line of credit for a minimum of forty-five days on receipt of a request for a payoff demand statement as defined in § 33-715 from an escrow agent who is licensed pursuant to title 6, chapter 7.  1

B. This section shall not be construed to validate, invalidate or otherwise affect the foreclosure of a mortgage, the exercise of a trustee's power of sale or the exercise of a seller's right to a forfeiture under an agreement for sale of real property.

C. For the purposes of this section:

1. “Revolving line of credit” means an open end revolving loan that is established pursuant to a written agreement between a borrower and a lender in which the lender agrees to lend the borrower money on a continuing basis for as long as the outstanding principal amount owed by the borrower does not exceed a specified amount.

2. “Secured lender” means any one of the following:

(a) A mortgagee on a mortgage.

(b) A beneficiary on a deed of trust.

(c) A person who holds or retains legal title to real property as security for financing the purchase of the real property under an agreement for sale of real property.

(d) A person who holds or retains a security interest in real property to secure the repayment of a loan.

(e) The authorized agent of those listed in this paragraph.

3. “Suspend” means to forbid the borrower from increasing or incurring any additional debt on the revolving line of credit.

1  Section 6-801 et seq.
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Cite this article: FindLaw.com - Arizona Revised Statutes Title 33. Property § 33-420.01. Suspension of line of credit;  payoff demand statement;  definitions - last updated March 08, 2022 | https://codes.findlaw.com/az/title-33-property/az-rev-st-sect-33-420-01/

Read this complete Arizona Revised Statutes Title 33. Property § 33-420.01. Suspension of line of credit;  payoff demand statement;  definitions on Westlaw

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