Bill > SB1075

This bill establishes new regulations for foreign entities acquiring land in Arizona, creating a "Foreign Entity Review Commission" within the State Real Estate Department to approve or reject such transactions if the entity is deemed "hostile," meaning it's identified as a threat by national intelligence or the State Department. The bill requires grantors and their agents, including real estate professionals, to provide valid identification of any grantee, and if the grantee is not an individual, to provide the name and principal place of business of the entity and its agent. Violations of these provisions can result in significant civil penalties, including up to $250,000 or 50% of the property's fair market value, and criminal charges ranging from a misdemeanor to a felony depending on the circumstances, such as proximity to military installations or acting as an agent for a foreign government. The bill also amends existing laws to clarify that sales, leases, or subleases of state lands cannot be made to a hostile foreign entity without the commission's approval, and it revises language related to reservations of mineral rights in state land sales.

Agriculture and Natural Resources, Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/83710