The proposed bill amends various sections of the Arizona Revised Statutes related to real estate, introducing new requirements for escrow agents and enhancing the responsibilities of real estate professionals. Notably, escrow agents must now record a notice of pending sale before collecting escrow funds and notify all parties involved in the transaction. Additionally, the bill mandates that real estate licensees check and retain evidence of valid government-issued identification for parties involved in real estate agreements, as well as verify insurance claims history for residential properties.

Furthermore, the bill expands the powers of the commissioner overseeing real estate activities, allowing for the investigation of fraud and the submission of evidence to law enforcement. It also introduces specific provisions for wholesale sellers and buyers of residential properties, requiring disclosures and due diligence to ensure compliance. The act is designated as "Jerry's Law," reflecting its intent to enhance transparency and accountability in real estate transactions.

Statutes affected:
Introduced Version: 6-841.01, 11-466, 11-467, 11-544, 20-1129, 32-2108, 32-2151.02, 32-2153, 32-2160, 41-319, 44-5101, 32-2101, 20-1562, 11-461, 41-1758.03, 33-420, 44-101, 32-2155, 32-2125, 32-2160.01, 32-2153.01, 41-263, 41-255