The Arizona Revised Statutes have been updated to include the revised sections from the 53rd Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 1st Regular Session, which convenes in January 2019.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
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.