Arizona REALTORS® Meet with Senator John McCain's Staff in DC

This year’s REALTORS® Legislative Meetings & Trade Expo in Washington, D.C. offered a special opportunity for our Arizona REALTOR® Major Investors to meet with Senator John McCain’s Legislative Liaison David Cole. The group was initially scheduled to meet with the senator, however, we were unable to meet with the senator due to his service as the Chairman of the Senate Armed Services Committee and the work the committee was conducting on the National Defense Authorization Act for Fiscal Year 2016; which the Senate Armed Services Committee passed 22-4. Though the senator was not able to attend our meeting, the REALTOR® message was delivered directly back to the senator. As a result, the senator signed onto the NAR letter that was circulated in the Senate the following week.

In the Senator’s monthly update to his constituents statewide, “The McCain Update – May 2015,” he highlighted the letter urging the Consumer Financial Protection Bureau to provide a grace period to the Real Estate industry. See below for the update from Senator McCain.

  • Grace Period for Arizona Realtors: I sent a letter with a bipartisan group of Senators urging the Consumer Financial Protection Bureau to provide a grace period to Real Estate lenders that make a good faith effort to tailor their financial disclosures to new requirements under the TILA/RESPA Integrated Disclosure rule. I hear from lenders throughout Arizona who are worried that they will not have enough time to make the necessary updates to software and forms required by this new federal regulation that goes into effect August 1, which will ultimately hurt the homeowner with costly closing delays. I will continue to advocate for a grace period that provides them sufficient time to comply.

It is through efforts such as the one on Capitol Hill, where REALTORS® are able to share our message with the Arizona delegation and their staff that we are able to pass legislation and regulation to protect the real estate industry.

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