AZ HB2614

Amends Arizona Revised Statutes sections 32-1131 and 42-12006 to expand the definition of "person injured" under residential contractor recovery fund laws to include owners of class six property under section 42-12006, paragraph 9.

Creates a new class six property classification for real property and improvements used as an owner's primary residence, owned by individuals who qualify for property valuation protection under Arizona Constitution Article IX, section 18, subsection (7).

Class six property under the new paragraph 9 must be valued at full cash value and owners cannot hold legal, equitable, beneficial, or security interests in other real property, with limited exceptions for indirect ownership through investment securities.

Establishes a $600,000 full cash value threshold, exempting properties at or above this value unless they already qualified for valuation protection as of December 31, 2019.

Enables elderly homeowners meeting constitutional valuation protection requirements to access the residential contractors' recovery fund for damages caused by contractor failures in building or improving their primary residences.