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| 52 | 55 | | AN ACT |
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| 56 | 59 | | amending title 6, chapter 7, article 3, arizona revised statutes, by adding section 6-834.01; relating to escrow agents. |
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| 62 | 65 | | (TEXT OF BILL BEGINS ON NEXT PAGE) |
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| 68 | 71 | | Be it enacted by the Legislature of the State of Arizona: Section 1. Title 6, chapter 7, article 3, Arizona Revised Statutes, is amended by adding section 6-834.01, to read: START_STATUTE6-834.01. Escrow; loan agreement An escrow agent may use monies in an escrow account only to make a onetime payment or MULTIPLE payments pursuant to the loan agreement unless one of the following applies: 1. The loan agreement specifically states that the monies may be used for another purpose and that purpose is expressly stated in the loan agreement. 2. A deed in lieu of foreclosure agreement specifically states the monies may be used for another purpose and that purpose is stated in the deed in lieu of foreclosure agreement. 3. An agreement is entered INTO by the parties to negotiate a settlement of the loan and that agreement includes a provision for the use of the monies. 4. An agreement is entered into by the parties that provides for a portion of the escrow account to be used to bring an account that is in arrears to a current status. END_STATUTE Sec. 2. Legislative intent The legislature intends that section 6-834.01, Arizona Revised Statutes, as added by this act, contains clarifying changes only and does not constitute substantive changes to existing law. |
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| 70 | 73 | | Be it enacted by the Legislature of the State of Arizona: |
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| 72 | 75 | | Section 1. Title 6, chapter 7, article 3, Arizona Revised Statutes, is amended by adding section 6-834.01, to read: |
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| 74 | 77 | | START_STATUTE6-834.01. Escrow; loan agreement |
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| 76 | 79 | | An escrow agent may use monies in an escrow account only to make a onetime payment or MULTIPLE payments pursuant to the loan agreement unless one of the following applies: |
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| 78 | 81 | | 1. The loan agreement specifically states that the monies may be used for another purpose and that purpose is expressly stated in the loan agreement. |
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| 80 | 83 | | 2. A deed in lieu of foreclosure agreement specifically states the monies may be used for another purpose and that purpose is stated in the deed in lieu of foreclosure agreement. |
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| 82 | 85 | | 3. An agreement is entered INTO by the parties to negotiate a settlement of the loan and that agreement includes a provision for the use of the monies. |
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| 84 | 87 | | 4. An agreement is entered into by the parties that provides for a portion of the escrow account to be used to bring an account that is in arrears to a current status. END_STATUTE |
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| 86 | 89 | | Sec. 2. Legislative intent |
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| 88 | 91 | | The legislature intends that section 6-834.01, Arizona Revised Statutes, as added by this act, contains clarifying changes only and does not constitute substantive changes to existing law. |
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