Stewart launches innovative approach to closing loans

Arizona enacts credit freeze lawMortgagePress.comsecurity freeze, credit information, consumers, reporting agencies On April 16, Arizona Gov. Janet Napolitano signed S.B. 1185, which will allow consumers to place a security freeze on their credit information. Under the new law, if a consumer places a written request for a security freeze, the consumer reporting agency may not release the consumer's credit report or credit score to a third party. Consumer reporting agencies must place all security freezes and provide written confirmation to the consumer no later than 10 business days after receiving a written request from the consumer. The freeze is in effect until the consumer requests removal or a temporary lift. A temporary lift must be implemented within three business days after a written request, or fifteen minutes after a telephone or Internet request. A security freeze may also be lifted if there is a material misrepresentation of fact regarding the freeze. Third parties who request credit reports that are under a security freeze may treat the application for credit as incomplete. Consumer reporting agencies that are grossly negligent or act willfully and maliciously will be liable for actual damages and attorney's fees. The law becomes effective on Sunday, Aug. 31, 2008. For a copy of this bill, please visit www.azleg.gov/legtext/48leg/2r/bills/sb1185s.pdf. For more information, visit www.azleg.gov.