FACTS: A buyer and seller executed an Arizona REALTORS® Residential Resale Real Estate Purchase Contract. Prior to close of escrow, the seller, through the escrow company, made a written demand for a payoff statement to the seller’s lender.

The lender provided a payoff statement to the escrow company and directed the escrow company to charge the seller $150 for the payoff statement.

ISSUE: Can the lender charge $150 to the seller for the payoff statement?

ANSWER: No.

DISCUSSION:

Pursuant to A.R.S. § 33-715:

(A) On the written demand of an entitled person or that person’s authorized agent, a secured lender shall prepare and deliver a payoff demand statement to the person who has requested it within fourteen days after receipt of the demand.

(I) The secured lender may assess a fee of no more than thirty dollars for furnishing each payoff demand statement. This is conclusively presumed to be reasonable.

Pursuant to A.R.S. § 33-420.01:

(C)(2) “Secured lender” means any one of the following:

(a) A mortgagee on a mortgage.

(b) A beneficiary on a deed of trust.

Therefore, the lender may only charge the seller $30 for the payoff statement.