This bill proposes several updates to current statutes regarding real estate transactions in Arizona. It introduces a new requirement for escrow agents to transmit specific information to the department when they handle the transfer of ownership of real property. This information includes the names of all owners, the assessor parcel number, the mailing address of the property, the name of the escrow company, and contact details for a representative at the escrow company. Additionally, the bill establishes an early alert system that notifies individuals of pending sales or transfers of real estate, allowing them to opt in for notifications via email or text.

The bill also makes various amendments to existing language in the statutes. It modifies the responsibilities of the commissioner, including the adoption of a seal and the preparation of educational materials, while clarifying the use of the real estate department education revolving fund. The bill specifies that the fund will be used for educational purposes and requires the state real estate department to account for its use. Furthermore, it updates the language regarding the reversion of funds in the education revolving fund and clarifies that the early alert system is not a public record.

Statutes affected:
Introduced Version: 6-841.04, 32-2107