The proposed bill would significantly amend current statutes regarding foreign adversaries' interests in real property in Arizona. Under current law, foreign adversaries are prohibited from purchasing, owning, or acquiring a substantial interest of 30 percent or more in real property. The bill would introduce new prohibitions on leasing or obtaining concessions for any current or future substantial interest in real property and redefine “substantial interest” to mean a 15 percent interest or more. It would also expand the scope of prohibited transactions to include various forms of property rights acquisition, such as leases and options, while introducing new definitions for terms like "lease" and "concession." Furthermore, the bill would classify violations of these prohibitions as a class 5 felony and enhance the Attorney General's enforcement powers, allowing for immediate injunctions and automatic stays during federal reviews. The definition of “foreign adversary agent” would also be broadened to include individuals associated with designated foreign terrorist organizations. Overall, these updates aim to strengthen restrictions on foreign adversaries' involvement in Arizona's real estate market and improve the state's regulatory enforcement capabilities.

Statutes affected:
Introduced Version: 33-443
Senate Engrossed Version: 33-443