DecisionDepot
California legal research

Arizona Arizona Revised Statutes

§ 6-1702 — Financial counseling; counselor requirements

ARS § 6-1702Title 6. Banks and Financial Institutions · Ch. 17. REVERSE MORTGAGES · Art. 1. General Provisions

Statute text

View on source
6-1702. Financial counseling; counselor requirements 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.

Source: Arizona Arizona Revised Statutes § 6-1702 from the Arizona Revised Statutes (Arizona State Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.