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Arizona governor announces cooperation program with state banks to provide foreclosure and eviction protection
On March 30, Arizona Governor Doug Ducey announced a cooperative agreement with state banks to protect small businesses and families that have been impacted by the Covid-19 crisis from evictions and foreclosure. Under the initiative, banks and mortgage servicers are suspending evictions and foreclosures for up to 60 days, which may be extended longer to overlap with the declared state of emergency. Under the program, banks and servicers have established payment forbearance programs for mortgages, and also have established payment deferral programs for specific (non-mortgage) consumer loans and for small businesses. The announcement also noted that state banks are working to lend Paycheck Protection Program loans as provided by the Small Business Administration through the CARES Act.
Arizona Governor exempts essential businesses from shelter-in-place orders
On March 23, the Arizona Governor ordered that local jurisdictions may not prohibit essential functions and must coordinate any orders restricting movement outside the home with the state health department. The order identifies financial institutions as an essential business and operation.
Arizona governor postpones eviction actions
On March 24, the governor of Arizona issued an executive order instructing law enforcement officers to delay for 120 days any enforcement of eviction orders for residential premises occupied by certain individuals impacted by Covid-19. The order applies when the individual is required to be quarantined due to her own or someone in her home’s Covid-19 diagnosis, ordered by a medical professional to self-quarantine, and demonstrates that they are at high risk for Covid-19 due to a health condition, or has suffered a substantial loss of income due to Covid-19.
Arizona attorney general requests financial assistance for Arizona consumers
On March 19, Arizona’s attorney general issued a request for financial and lending institutions to provide temporary relief to their Arizona customers. The governor’s requests for institutions included taking the following actions for at least 90 days: (ii) forbearing or deferring payments on mortgages, automobile loans, and consumer loans; (ii) postponing foreclosures and evictions; (iii) ceasing automobile repossessions; (iv) waiving late fees and default interest for late payments; and (v) halting negative credit reporting.
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