The proposed bill, if enacted, would amend current statutes by adding a new section to Title 33, Chapter 4, Article 3 of the Arizona Revised Statutes, specifically addressing the prohibition of land ownership by foreign adversary nations or agents. The bill would insert provisions that explicitly prevent these entities from acquiring a substantial interest (defined as 30% or more) in real property within Arizona. It would also establish enforcement mechanisms, requiring the Attorney General to take action against violations, including reporting suspected espionage to relevant law enforcement agencies and initiating court proceedings to divest any illegally obtained interests in real property.

Additionally, the bill would classify knowingly making false reports regarding violations of this prohibition as a class 1 misdemeanor. It would also provide immunity to title insurers and real estate professionals from liability related to violations of this section and clarify that such violations cannot be the basis for title insurance claims. The bill includes exceptions for certain acquisitions, such as those occurring by devise or descent, provided the foreign adversary divests from the property within 120 days. Overall, the legislation aims to enhance state security by restricting foreign adversary influence over Arizona's real estate.

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