This bill proposes to amend the Arizona Revised Statutes by adding Article 27, which focuses on regulations for artificial intelligence (AI) businesses. Under the new provisions, AI businesses will be required to conduct comprehensive risk assessments for high-risk AI systems, evaluate potential discrimination, safety risks, privacy concerns, and catastrophic risks. They must also submit transparency reports to the attorney general detailing the system's purposes, internal risk assessment results, and measures taken to mitigate bias. These reports will be publicly accessible on the businesses' websites, and businesses will need to implement bias mitigation measures and conduct quarterly audits to address any harmful outputs or unsafe behavior.

Additionally, the bill outlines specific requirements for AI systems that may be accessed by children, including the implementation of parental monitoring tools. The attorney general will be responsible for certifying AI businesses before they can enter the market and will enforce compliance with these regulations, imposing civil penalties for violations. The bill also defines key terms such as "artificial intelligence business," "frontier model," "high risk AI system," and "large developer," establishing a framework for accountability and safety in the use of AI technologies.