This bill proposes significant updates to Arizona's real estate statutes by introducing a new chapter focused on single-family residence purchases. Under the new provisions, corporations and limited liability companies, as well as their affiliates, will be required to register with the Securities Division of the Corporation Commission before purchasing single-family residences, condominiums, or townhomes in the state. The registration process will include a fee determined by the commission, and a certificate of registration will be issued upon compliance. Notably, the registration requirement will not apply to entities owning fewer than ten properties, governmental entities, certain nonprofit groups, land trusts, group homes, or employers renting to employees.

Additionally, the bill mandates the establishment of a registry for these entities, which will be accessible on the commission's website. It also outlines penalties for non-compliance, including civil penalties of up to $20,000 for violations, with funds directed to the housing trust fund. The commission is tasked with reporting annually on the activities of registered entities, including details of purchases and sales of properties. Furthermore, the bill restricts corporations from purchasing properties unless they have been on the market for over ninety days or there has been a change in the asking price.

Statutes affected:
Introduced Version: 44-5102, 36-1401, 44-4002, 35-146, 35-147, 41-3955, 44-4003