The proposed bill would amend current statutes regarding the sale of land in Arizona, specifically targeting transactions involving foreign entities deemed hostile to the United States. Under the new provisions, land cannot be conveyed to such foreign entities without majority approval from both the Senate and House of Representatives. Additionally, the bill mandates that grantors and their agents submit valid identification for any grantee, and if the grantee is not a natural person, identification for the grantee's agent must also be provided. This identification must be maintained by the grantor, the agent, and the Arizona Department of Real Estate (AZRE).

Furthermore, the bill introduces definitions for "foreign entity" and "hostile," clarifying that a foreign entity includes foreign governments and state-controlled enterprises, while a hostile entity is one identified as a threat by U.S. intelligence agencies. The bill also removes the existing prohibition on leasing or subleasing state lands to corporations or associations not qualified to transact business in Arizona. Overall, these changes aim to enhance oversight and control over land transactions involving foreign entities while ensuring compliance with legislative approval processes.

Statutes affected:
Introduced Version: 33-459, 37-231, 37-240, 27-271