{"data":{"id":"us-az/a.r.s.-33-420.01","jurisdiction":"us-az","citation":"A.R.S. § 33-420.01","heading":"Suspension of line of credit; payoff demand statement; definitions","body":"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 section 33-715 from an escrow agent who is licensed pursuant to title 6, chapter 7.\n\nB. 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.\n\nC. For the purposes of this section:\n\n1. \"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.\n\n2. \"Secured lender\" means any one of the following:\n\n(a) A mortgagee on a mortgage.\n\n(b) A beneficiary on a deed of trust.\n\n(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.\n\n(d) A person who holds or retains a security interest in real property to secure the repayment of a loan.\n\n(e) The authorized agent of those listed in this paragraph.\n\n3. \"Suspend\" means to forbid the borrower from increasing or incurring any additional debt on the revolving line of credit.","path":["Title 33 Property"],"source_url":"https://www.azleg.gov/ars/33/00420-01.htm","current_through":"2026-09-04","vintage":"2026-08-09","retrieved_at":"2026-09-04T00:49:56Z","sha256":"35af9a5f2c80ce9cfc3dd8d989dca76b4d751c1fba0a8132abcb0f25454f890c","source_id":"us-az","stale":true,"prev":"us-az/a.r.s.-33-420","next":"us-az/a.r.s.-33-421"},"notice":"GroundRules: Original legal text. Not legal advice."}