This bill proposes several updates to current statutes regarding the purchase of single-family residences by corporations and limited liability companies in Arizona. It introduces new requirements for the county recorder to not record deeds unless specific conditions are met, including the registration of the corporation or limited liability company with the Securities Division and the submission of a certificate of registration. Additionally, the bill mandates that the deed must indicate that the residence is not the owner's primary residence. It also establishes a cap on the number of single-family residences that can be purchased by these entities, limiting it to five percent of the total residences in a county or a maximum of one hundred units per year in larger counties.

Furthermore, the bill outlines registration requirements for corporations and limited liability companies before purchasing single-family residences, with exemptions for those owning fewer than ten residences, governmental entities, and certain nonprofit organizations. It establishes a registry to be maintained by the Securities Division and imposes penalties for non-compliance. The commission is tasked with adopting necessary rules and submitting annual reports detailing the purchases and sales of single-family residences by these entities, including specific zip codes for each transaction. Overall, the bill aims to enhance transparency and regulation of corporate ownership in the housing market.

Statutes affected:
Introduced Version: 33-401, 41-3955, 33-401.01, 44-4003, 44-4001, 33-1310, 44-313, 35-751, 35-313, 35-190