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 establish that such entities cannot acquire a substantial interest (defined as 30% or more) in real property within Arizona. It would also empower the Attorney General to enforce this prohibition, ensuring that enforcement actions are not based on race or national origin. Additionally, the bill outlines the process for legal action if a violation occurs, including court orders for divesting interests and selling the property.

Furthermore, the bill introduces penalties for knowingly making false reports regarding violations, classifying such actions as a class 1 misdemeanor. It also provides immunity for title insurers and real estate professionals from liability related to violations of this section and clarifies that violations cannot be used as grounds for title insurance claims. The bill includes provisions for exceptions, allowing foreign adversaries to acquire property under specific circumstances, such as through inheritance or debt collection, provided they divest within 120 days. Overall, the bill aims to enhance state security by restricting foreign adversary influence over real property.

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