Bill > HB2486

This bill amends existing Arizona law to enhance protections for homeowners facing foreclosure or financial distress. It redefines "real estate broker" to include those acting with an "expectation of profit" and clarifies that certain activities related to distressed properties are now considered unlawful practices. The bill also repeals existing regulations concerning distressed properties and replaces them with a new article that defines key terms like "distressed home," "distressed home consultant," "equity purchaser," and "wholesaler." It then outlines prohibited activities for these individuals and entities, such as making misleading representations, taking possession of deeds before escrow closes, and failing to provide homeowners with fair market value for their homes. The bill also mandates specific disclosures for wholesalers and requires escrow agents to ensure direct communication with homeowners and verify fair market value before closing transactions involving distressed properties, with violations subject to enforcement under existing consumer protection laws.