The Arizona Bankers Association has filed a legal action with the state Supreme Court to try to reinstate a law pertaining to foreclosures that was repealed before it took effect this year. The Arizona Association of Realtors sought the repeal of the original law.

State Sen. Steve Pierce, R-Prescott, sponsored both the original bill in this year’s regular session and the effort to repeal it in the special section.

The measure (SB 1271) supported by

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the bankers required homeowners to live in a home for at least six months before foreclosure otherwise lenders could force homeowners to cover losses when the house is resold for less money than the value of the original mortgage.

In its request for a special action filed Oct. 21, the bankers association argues the repeal of the measure was not qualified to be a part of the special session, which was called by Gov. Jan Brewer to solve the state’s budget deficit. During the special session, the bankers argued, lawmakers did not discuss the original law but were asked to vote for its repeal as part of a package of budget measures.