The proposed bill, if enacted, would amend current statutes by introducing a prohibition against foreign adversary nations or agents from acquiring a substantial interest (defined as 30% or more) in real property in Arizona. This new provision would be added to Title 33, Chapter 4, Article 3 of the Arizona Revised Statutes, specifically as Section 33-443. The bill also mandates that the Attorney General enforce this prohibition and outlines specific enforcement procedures, including the requirement to report suspected violations to federal law enforcement agencies. Additionally, it establishes penalties for knowingly making false reports regarding violations, classifying such actions as a class 1 misdemeanor.

Furthermore, the bill clarifies that foreign adversaries may acquire real property through specific means, such as by devise or descent, but must divest from the property within 120 days. It also provides immunity to title insurers and real estate professionals from liability related to violations of this section and ensures that such violations cannot be the basis for title insurance claims. The bill includes definitions for "foreign adversary nation" and "foreign adversary agent," and it emphasizes that the enforcement of these provisions must not be based on race or national origin. Overall, the bill aims to enhance state security by restricting foreign ownership of land deemed a risk to national security.

Statutes affected:
Introduced Version: 22-131
Senate Engrossed Version: 22-131
House Engrossed Version: 33-443
Chaptered Version: 33-443