If enacted, this bill would amend Arizona Revised Statutes by adding a new section that prohibits the People's Republic of China (PRC) from purchasing, owning, acquiring, or having a substantial interest in real property within the state. The bill defines a "substantial interest" as an ownership interest of 30 percent or more and mandates that the Attorney General enforce this prohibition. If a violation is suspected, the Attorney General is required to initiate legal action in the appropriate superior court. The court would then have the authority to divest the offending party's interest in the property 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 section 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