It has come to our attention that Arizona Governor Jan Brewer has signed Arizona HB 2008, which repeals SB 1271.  What this means is that the anti-deficiency rule changes that were to take affect in Arizona on September 30, 2009 will not happen at this time.  The Governor's decision to repeal the new law was heavily influenced by lobbying efforts made on behalf of several groups, including the Arizona Association of Realtors and the Arizona Real Estate Investors Association, as well as several consumer advocacy groups.  We will remain on top of this issue and notify you of any new legislation proposals dealing with the State's anti-deficiency statutes.

If you have any questions please contact Brady J. Lighthall. Brady is an associate in the Real Estate Default Group of Weltman, Weinberg & Reis Co., L.P.A. and is located in the Cincinnati office. He can be reached at (513) 723-6082 or via e-mail at blighthall@weltman.com.