Bill > HB2706

This bill, concerning real estate transactions in Arizona, introduces new regulations for corporations and limited liability companies (LLCs) when purchasing single-family residences, condominiums, or townhomes. It requires these entities, along with their affiliates, to register with the Securities Division of the Arizona Corporation Commission (the "commission") before acquiring such properties, with a fee potentially being charged for this registration. However, this registration requirement has several exceptions, including for entities owning fewer than ten such properties, governmental entities, certain nonprofit groups, land trusts, certified group homes, and employers renting to their employees. The commission will maintain a public registry of registered entities and their property purchases and sales, which will be available on its website. Violators of these registration requirements or those who intentionally provide misleading information may face a civil penalty of up to $20,000 per violation, with collected penalties going to the housing trust fund. Additionally, the bill prohibits corporations from purchasing single-family residences, condominiums, or townhomes unless the property has been on the market for over ninety days or its asking price has changed. The Attorney General is also empowered to enforce these provisions. Finally, the commission is mandated to submit an annual report detailing property acquisitions and sales by these entities.

Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/84513