Skip to main content

Stewart launches innovative approach to closing loans

National Mortgage Professional
Apr 16, 2008

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.
Published
Apr 16, 2008
More from
Tech
SimpleNexus Taps DocMagic To Help Enable Fully Digital Closings

SimpleNexus announced the integration of its Nexus Closing eMortgage solution with DocMagic’s eVault and eNote technologies.

Tech
Sep 24, 2021
E-Closing Technology: Norcom Mortgage’s Implementation Lessons

Norcom Mortgage outlines its implementation lessons learned as the company transitioned to its digital experience.

Tech
Sep 17, 2021
New York Community Bank Creates Groundbreaking Digital Payment Process

Now Figure Technologies Inc. can conduct real-time secondary trading in digital shares of its stock by utilizing Figure’s alternative trading system (ATS) that operates on Provenance Blockchain.

Tech
Sep 14, 2021
NAMB Partners With Dell Technologies

Offers Discounts To Members To Help With Technology Upgrades

Tech
Sep 13, 2021
Notarize And Snapdocs Announce Partnership

Notarize and Snapdocs, Inc. entered a partnership in which brings two digital closing companies together in hopes to further streamline the closing process.

Tech
Sep 09, 2021
Hold The Phone: Agile Formally Launches Platform For TBA MBS Quotes

Trade Auction Manager Allows Small to Mid-Size Broker Dealers To Quote Digitally

Tech
Sep 09, 2021