This bill proposes the addition of Chapter 42 to Title 44 of the Arizona Revised Statutes, establishing new regulations for franchise agreements. It introduces definitions for key terms such as "franchise," "franchisee," and "franchise fee," and outlines the rights and responsibilities of franchisors and franchisees, including the requirement for written notice of non-renewal or termination and the obligation for franchisors to purchase certain assets from franchisees upon termination. The chapter will apply to franchises granted or renewed after January 1, 2027, and includes provisions to protect franchisees' rights, such as the ability to sell or transfer their franchise and join trade associations. The bill also updates current statutes by specifying that the new regulations will not apply to franchise agreements amended after January 1, 2027, if initiated by the franchisee without adversely affecting their rights, nor to lodging franchises. Additionally, it prohibits franchisors from modifying franchise agreements or requiring general releases during state or federal emergencies. The act will be titled the "Franchise Investment Protection Act" and includes a severability clause to maintain the effectiveness of remaining provisions if any are found invalid.