Bill > SB1441

This bill establishes new regulations for corporations, limited liability companies (LLCs), and their affiliates when purchasing single-family residences in Arizona, aiming to increase transparency and potentially limit large-scale acquisitions. Key provisions include requiring these entities to register with the Arizona Corporation Commission (the "commission") before buying a single-family residence, providing details about ownership, and submitting an annual report. The county recorder will not record a deed for such purchases unless the entity is registered and the names match, and the deed must state the property is not the owner's primary residence. The bill also imposes limits on how many single-family residences a corporation or LLC can own within a specific census tract (5%) and statewide (50 units per year, with a total cap of 2,000). The commission will maintain a public registry of these entities and their single-family residence purchases, and monthly reports will be sent to the commission detailing these transactions. A civil penalty of up to $20,000 per violation can be imposed for non-compliance, with collected penalties going to the housing trust fund. Exceptions to these registration and ownership limits exist for entities owning fewer than ten single-family residences in Arizona, governmental entities, certain non-profits, land trusts, certified group homes, and employers renting to employees. The bill also amends existing law to direct unclaimed property funds to the housing trust fund, which supports affordable housing initiatives.

Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/85025