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AZ HB2006
Bill
Status
1/9/2017
Primary Sponsor
Mark Cardenas
Click for details
AI Summary
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Amends Arizona's definition of "person injured" under residential contractor recovery fund law to include owners of class six property, expanding eligibility for recovery fund claims beyond class three property.
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Adds new paragraph 9 to class six property classification allowing real property used as an owner's primary residence to qualify if the owner meets property valuation protection requirements under Arizona Constitution Article IX, Section 18(7).
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Restricts class six paragraph 9 eligibility to individuals who own no other real property interests, with limited exception for indirect ownership through investment securities like mutual funds.
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Excludes properties valued at $600,000 or more from class six paragraph 9 classification unless they already qualified for valuation protection as of December 31, 2017.
Legislative Description
Elderly homeowners; class six property
Professions And Occupations
Last Action
House read second time
1/10/2017