The proposed bill amends Arizona law to impose new regulations on corporations and limited liability companies (LLCs) purchasing single-family residences. Under the new provisions, the county recorder is prohibited from recording the deed unless it includes specific ownership information from a registry established by the Securities Division of the Corporation Commission. Additionally, the deed must explicitly state that the residence is not the owner's primary residence. The bill also limits the total number of single-family residences that can be purchased by these entities to a maximum of 100 units per calendar year, with exceptions for certain transactions, such as transfers within the same entity or newly constructed homes.

Furthermore, the bill requires corporations and LLCs to register with the Securities Division before purchasing single-family residences, with a certificate of registration issued upon compliance. The registration requirement does not apply to entities owning fewer than ten residences. The Securities Division is tasked with maintaining a public registry of these entities, which will be accessible on the Corporation Commission's website. Overall, the bill aims to increase transparency and regulate the activities of corporate entities in the residential real estate market.

Statutes affected:
Introduced Version: 33-401, 33-401.01, 44-8041, 33-1310