The proposed bill, if enacted, would amend several sections of the Arizona Revised Statutes related to judicial foreclosure of the right to redeem. It would allow purchasers or their heirs to include a request in their foreclosure action to determine the reasonableness of the sale of property to recover excess proceeds. This request could be made at any time before the court's judgment is effective. Additionally, the bill specifies that the minimum bid for property sales must include costs related to filing claims to foreclose the right to redeem, as well as other specified amounts, thereby expanding the financial considerations involved in such sales.

Furthermore, the bill introduces provisions that enable any party entitled to proceeds from the sale to initiate a civil action against the qualified entity for failure to distribute proceeds properly. It also includes technical and conforming changes to ensure clarity and consistency within the statutes. Overall, these updates aim to enhance the legal framework governing judicial foreclosures and the handling of excess proceeds from property sales.

Statutes affected:
Introduced Version: 42-18201, 42-18204, 42-18233, 42-18234, 42-18235, 42-18236, 42-18114, 42-18121, 42-18116, 9-276, 9-499, 42-18232