The proposed bill amends several sections of the Arizona Revised Statutes related to the foreclosure of the right to redeem property. Key changes include the requirement for the county treasurer to conduct a public auction for properties with a judgment foreclosing the right to redeem, with provisions for both live and online bidding. The bill also mandates that the treasurer notify former property owners and interested parties about the sale and any surplus proceeds, detailing the process for claiming these funds. Additionally, it introduces a structured approach for third parties to assist in identifying rightful owners of surplus monies, including the ability to charge a fee based on the amount claimed.

Significantly, the bill clarifies the timeline for auctions, stipulating they must occur within six months after a judgment is entered, and establishes a minimum bid based on the property's limited cash value. It also ensures that any surplus funds from the sale are publicly listed and outlines the process for claims, including a six-month window for interested parties to file. The bill aims to enhance transparency and efficiency in the foreclosure process while protecting the interests of former property owners and lienholders.

Statutes affected:
Introduced Version: 42-18152, 42-18204, 42-18205, 42-18302, 42-18303, 42-18056, 9-276, 42-18301, 42-13051