Manufactured Housing: Escrow Account

BILL NARATIVE: HB 2473 requires dealers of new manufactured homes to maintain an escrow account with a financial institution or authorized escrow agent, beginning July 1, 2011. Read the entire bill

Bill Sponsor: Michele Reagan

Arizona State Legislature

Stakeholder Position in regard to HB2473 as currently ammended:

SUPPORT: Arizona Housing Association (AHA); Arizona Association of Manufactured Housing Owners (MHCA).

OPPOSED: Manufactured Housing Communities Association (MHCA); Moms and Pops of Amercia (MAPOA);


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THIS LEGISLATION AFFECTS: Manufactured Home Owners, Winter Visitors, Small Businesses, Retirement Communities

We OPPOSE the bill for the following reasons:

  1. Escrow Accounts are NOT Clarified or Established

  2. Imposes governmental mandated regulation by a private industry with no departmental level oversight of that private regulatory entity.

  3. Bill authors have not done due dillegence to include input from current system facilitators.

  4. Creating a real estate type of regulation for dissiilar transactional process.

  5. Could hamper cash flow and livelihood to small businesses and consumers.

  6. Obstacles associated with new admiistrative requirements have not been identified.

  7. Costs associated with such escrow account requirements have not been determined.

  8. A dispute resolution or arbitration process has not been identified in statue.

  9. Questionable checks and balances for ultimate rule make authority.

  10. Currently no term limits for Manufactured Housing Board Members