The proposed bill, if enacted, would introduce new regulations regarding the sale, lease, or conveyance of real property in Arizona to individuals or entities associated with designated hostile nations, specifically China, Iran, North Korea, and Russia. The bill would prohibit any person from engaging in such transactions with these hostile entities, which include various forms of ownership and control, such as affiliates, subsidiaries, and individuals who have served in the military of these countries. Additionally, it mandates that any existing property interests held by these prohibited owners must be disposed of within specified timeframes, either one year after the bill's effective date or one year after acquisition for interests obtained post-enactment.

Furthermore, the bill designates the Arizona Department of Administration as the lawful owner of any property interest that is not disposed of in accordance with the new regulations. It requires the Department of Public Safety to maintain a publicly accessible list of prohibited owners and lessees, investigate potential violations, and notify relevant authorities of any infractions. Violators of this section would face serious legal consequences, as knowingly acquiring an interest in real property in violation of the law would be classified as a class 4 felony.

Statutes affected:
Introduced Version: 33-459
House Engrossed Version: 33-459