This bill proposes several updates to current statutes regarding the responsibilities of escrow agents and the establishment of an early alert system for real estate transactions. Specifically, it mandates that escrow agents must transmit detailed information about property ownership and transactions to the Arizona Department of Real Estate (ADRE) when they receive orders for property transfers or five days prior to recording a title. The required information includes the names of all owners, the assessor parcel number, the property's mailing address, the name of the escrow company, and contact details for the escrow company representative.

Additionally, the bill directs the ADRE Commissioner to create and manage an early alert system that notifies individuals of pending real estate sales or transfers based on the information received from escrow agents. This system will provide prompt notifications via email or text and will be voluntary for individuals to opt into. The early alert system is exempt from public records laws, ensuring privacy for participants. The bill also includes technical changes and updates to existing language in the statutes to reflect these new requirements and provisions.

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