This bill proposes several updates to the Arizona Revised Statutes, particularly focusing on the regulation of residential property transactions involving distressed homes. Key changes include the introduction of new definitions such as "distressed home," "distressed home consultant," and "equity purchaser," which clarify the roles and responsibilities of parties involved in these transactions. The bill also establishes specific unlawful practices for distressed home consultants and equity purchasers, including misleading claims and restrictions on communication with distressed homeowners. Additionally, it mandates that wholesalers provide written disclosures to distressed homeowners and prohibits them from engaging in multiple transactions without proper licensing.

Furthermore, the bill repeals existing statutes related to distressed homes and introduces new provisions that enhance consumer protection. It outlines the requirements for escrow agents in transactions involving distressed homeowners, ensuring transparency and fairness. Violations of these provisions are classified as unfair acts or unlawful practices, subject to enforcement under existing consumer protection laws. Overall, the bill aims to create a more regulated environment for residential property transactions, particularly for vulnerable homeowners facing financial difficulties.

Statutes affected:
Introduced Version: 32-2101, 32-2121, 32-2122, 32-2160.01, 32-2126, 32-2125, 33-1202, 32-2153, 32-2155, 44-5101, 44-1801, 32-2194.27, 36-401, 20-1801, 32-2176, 32-2197.21, 44-6551, 44-1522, 44-1533