Bill > HB2848

This bill introduces comprehensive regulations for corporate and limited liability company (LLC) purchases of single-family residential properties in Arizona. The legislation requires corporations and LLCs with 10 or more single-family residences in the state to register with the Arizona Corporation Commission's Securities Division before purchasing a home, and limits such entities to purchasing no more than 5% of single-family residences in any county, with a strict cap of 100 units per year in counties with populations over 400,000. When such entities purchase a single-family residence, the deed must clearly state that it is not the owner's primary residence, and county recorders are prohibited from recording the deed unless the company provides a certificate of registration that matches the name on the deed. The bill mandates annual reporting by the Corporation Commission, detailing corporate home purchases and sales, including specific zip codes, and establishes significant penalties of up to $20,000 for non-compliance or providing misleading information. Certain entities are exempted from these requirements, including governmental entities, nonprofit organizations, land trusts, group homes, and employers renting homes to employees. The bill aims to provide transparency and potentially limit corporate investment in residential real estate, with penalties collected being deposited into the state's housing trust fund.

Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/83314