Bill > SB1715

This bill amends existing Arizona law to enhance protections for homeowners facing foreclosure or financial distress, primarily by regulating individuals and entities involved in distressed property transactions. It updates definitions within the real estate licensing statutes to include "expectation of profit" for real estate brokers and adds "wholesaler" and "equity purchaser" to the definitions. The bill also repeals existing regulations concerning distressed property sales and replaces them with a new article that defines "distressed home," "distressed home consultant," "distressed home conveyance," and "equity purchaser," among other terms. Key provisions include prohibiting deceptive practices by distressed home consultants and equity purchasers, establishing specific contract requirements for distressed home conveyances to ensure fair pricing and homeowner rights, and requiring wholesalers to provide a disclosure notice to homeowners and obtain a real estate license if they engage in multiple transactions. Additionally, escrow agents are given specific responsibilities and limitations when handling distressed property transactions, including direct communication with homeowners and ensuring fair pricing. Violations of these new provisions are classified as unfair or unlawful practices, subject to enforcement by the Attorney General and the Real Estate Department, with the aim of preventing predatory practices and safeguarding homeowners in vulnerable situations.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/85365