The proposed bill seeks to update Arizona's statutes regarding foreign adversaries' interests in real property by expanding existing prohibitions. Under current law, foreign adversaries are restricted from acquiring a substantial interest of 30 percent or more in real property. The bill introduces new prohibitions against leasing or obtaining concessions for any current or future substantial interest in real property and redefines substantial interest to mean a 15 percent interest or more, while clarifying that substantial interest does not include passive ownership interests where the foreign adversary lacks control. Additionally, the bill outlines prohibitions on transactions that result in property rights acquisition, including leases and options, and establishes penalties for violations, classifying certain offenses as felonies. It enhances the Attorney General's enforcement powers, allowing for immediate injunctions and court petitions related to property development pending federal reviews. The bill also mandates that public service corporations and government agencies notify the attorney general of potential violations, thereby tightening the regulatory framework surrounding foreign ownership of real property in Arizona.

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