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Arizona ability-to-repay proposal would require consideration of credit score
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Consumer Protection, Legislation
Wednesday, February 5, 2014
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Arizona lawmakers introduced a bill that would require creditors to make a reasonable determination that mortgage borrowers can repay their loans. The bill is similar to the Consumer Financial Protection Bureau’s new ability-to-repay rule but differs in some important respects. For instance, the Arizona proposal would require creditors to consider whether a borrower has a 750 credit score when making an ability-to-repay determination. The proposal would also adopt different qualified mortgage points and fees caps for smaller-dollar loans. Read on for the details.
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