AZ SB1333

Creates Chapter 16 in Arizona Revised Statutes to regulate exchange facilitators who facilitate like-kind property exchanges under Internal Revenue Code section 1031.

Requires exchange facilitators to maintain either a $1 million fidelity bond, deposit $1 million in securities/cash with a financial institution, or place all exchange funds in qualified escrow accounts with dual authorization for withdrawals.

Mandates exchange facilitators carry either $250,000 errors and omissions insurance or deposit $250,000 in cash, securities, or letters of credit.

Prohibits exchange facilitators from commingling client exchange funds with operating accounts, misrepresenting transactions, failing to account for client monies, engaging in fraudulent conduct, or materially failing to deliver property or funds to clients.

Requires exchange facilitators to notify existing clients within ten business days of any change in control involving more than 50% of assets or ownership and allows clients to pursue civil suits for violations.