The proposed bill seeks to amend current statutes by introducing a prohibition against the People's Republic of China (PRC) from purchasing, owning, or acquiring a substantial interest in real property within Arizona. Specifically, it defines a "substantial interest" as an ownership interest of 30 percent or more. The bill mandates that the Attorney General enforce this prohibition and take legal action if a violation is suspected. If the superior court finds that a violation has occurred, it will order the divestment of the interest and direct the county board of supervisors to sell the property, with proceeds distributed according to specified priorities.

Additionally, the bill includes provisions that immunize title insurers and real estate professionals from liability related to violations of this prohibition and stipulates that such violations cannot be the basis for title insurance claims. It allows the PRC to acquire real property through specific means, such as by devise or descent, provided that they divest from the property within three years. The bill also contains legislative findings emphasizing the necessity of these measures to protect state and national security from threats posed by the PRC.

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