The proposed bill amends sections 32-2103 and 32-2107 of the Arizona Revised Statutes, focusing on the financial aspects of real estate regulation. It introduces changes to where certain monies collected under the real estate statutes are deposited. Specifically, it designates that a portion of the fees collected from broker and salesperson license and renewal fees will be deposited into the newly established Real Estate Information Technology Fund, rather than the state general fund. The amounts allocated to this fund will be $25 per fee through fiscal year 2027-2028, and then reduced to $15 per fee starting in fiscal year 2028-2029.

Additionally, the bill clarifies that the monies collected and deposited into the Real Estate Information Technology Fund should not be included in the revenue calculations for setting fees to meet the department's anticipated budget. The bill also makes minor language updates, such as changing "per cent" to "percent" and simplifying certain phrases for clarity. It establishes the Real Estate Information Technology Fund to be used for technological upgrades and specifies that the fund is exempt from lapsing of appropriations.

Statutes affected:
Introduced Version: 32-2103, 32-2107, 35-146, 35-147, 32-2132, 2027-2028, 2028-2029