The proposed bill introduces new regulations for corporations, limited liability companies, and their affiliates when purchasing single-family residences in Arizona. It mandates that the county recorder may only record the deed if it includes ownership information as per the registry established by the securities division of the corporation commission and if a copy of the certificate of registration issued by the commission accompanies the deed. The deed must also state that the residence is not the primary residence of the owner. These requirements do not apply to entities owning fewer than ten single-family residences in the state.

Additionally, the bill limits the number of single-family residences that these entities can purchase in a calendar year to one hundred units. It exempts the sale or transfer of residences within a corporation or limited liability company and the sale of newly constructed residences from this limitation. Entities must register with the Securities Division of the corporation commission before purchasing a single-family residence unless they own less than ten such residences in the state. The commission will maintain a registry of these entities, which will be available on its website, and is tasked with adopting rules to implement these provisions.

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