Bill Text: AZ SB1023 | 2012 | Fiftieth Legislature 2nd Regular | Introduced
Bill Title: Technical correction; mortgage guaranty insurance
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2012-01-10 - Referred to Senate RULES Committee [SB1023 Detail]
Download: Arizona-2012-SB1023-Introduced.html
PREFILED DEC 16 2011
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REFERENCE TITLE: technical correction; mortgage guaranty insurance |
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State of Arizona Senate Fiftieth Legislature Second Regular Session 2012
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SB 1023 |
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Introduced by Senators Pierce S, Antenori, Biggs
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AN ACT
amending section 20‑1549, Arizona Revised Statutes; relating to mortgage Guaranty insurance.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 20-1549, Arizona Revised Statutes, is amended to read:
20-1549. Policy forms and premium rates filed
A. A mortgage guaranty insurer shall file all policy forms, endorsements and rates a mortgage guaranty insurer proposes to use with the director pursuant to chapter 2, article 4.1 of this title. With respect to owner‑occupied, single‑family dwellings, the mortgage guaranty insurance policy shall provide that the borrower shall not be liable to the insurance company for any deficiency arising from a foreclosure sale.
B. Each mortgage guaranty insurance company shall adopt, print and make available a schedule of premium charges for mortgage guaranty insurance policies. Premium charges made pursuant to the provisions of this article shall not be deemed to be interest or other charges under any other provision of law limiting interest or other charges in connection with mortgage loans. The schedule shall show the entire amount of premium charge for each type of mortgage guaranty insurance policy issued by the insurance company.
