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Current as of January 01, 2025 | Updated by Findlaw Staff
A. Adequate counseling under this chapter must be provided by a counselor who is an independent third party.
B. To qualify as an independent third party, the counselor may not be associated with or compensated, directly or indirectly, by a party involved in any of the following:
1. Originating or servicing the reverse mortgage.
2. Funding the loan underlying the reverse mortgage.
3. Selling annuities, investments, long-term care insurance or any other type of financial or insurance product.
C. Counseling services required pursuant to this chapter shall be provided by housing counseling agencies and by counselors who follow uniform counseling protocols approved by the United States department of housing and urban development.
Cite this article: FindLaw.com - Arizona Revised Statutes Title 6. Banks and Financial Institutions § 6-1702. Financial counseling; counselor requirements - last updated January 01, 2025 | https://codes.findlaw.com/az/title-6-banks-and-financial-institutions/az-rev-st-sect-6-1702/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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