Bill Text: AZ HB2579 | 2011 | Fiftieth Legislature 1st Regular | Introduced
Bill Title: Consumer reporting agencies; information sales
Spectrum: Moderate Partisan Bill (Democrat 7-2)
Status: (Introduced - Dead) 2011-02-08 - Referred to House BI Committee [HB2579 Detail]
Download: Arizona-2011-HB2579-Introduced.html
REFERENCE TITLE: consumer reporting agencies; information sales |
State of Arizona House of Representatives Fiftieth Legislature First Regular Session 2011
|
HB 2579 |
|
Introduced by Representatives Hobbs, Ableser, Pancrazi, Patterson, Tovar: Alston, Arredondo, Brophy McGee, Smith D
|
AN ACT
amending title 44, chapter 11, article 6, Arizona Revised Statutes, by adding section 44-1698.02; relating to consumer reporting agencies.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 44, chapter 11, article 6, Arizona Revised Statutes, is amended by adding section 44-1698.02, to read:
44-1698.02. Sale of information prohibited; exceptions
A. A business entity, including A consumer reporting agency, shall not sell to or exchange with a third party the existence of a credit inquiry arising from a consumer mortgage loan application if the sale or exchange is triggered by an inquiry made in response to an application for credit.
B. This section does not apply:
1. If the third party holds an existing mortgage loan on the property.
2. To information provided by a mortgage originator or servicer to a third party providing services in connection with any of the following:
(a) The mortgage loan origination or servicing.
(b) A proposed or actual securitization.
(c) A secondary market sale, including sales of servicing rights.
(d) Transactions that are similar to those described in subdivisions (a), (b) and (c) and that are related to the consumer mortgage loan.