HB 2673 Summary

• Establishes a Property Technology Sandbox program administered by the Arizona Commerce Authority chief executive officer to allow entities to test innovative real estate products and services for 24 months without obtaining standard state authorization.

• Requires applicants to submit detailed applications demonstrating adequate understanding of their innovation, consumer protection plans, and cybersecurity measures; applications are reviewed on a rolling basis with decisions made within 90 days.

• Sandbox participants must disclose to consumers that they are testing an unauthorized product/service, provide the registration number issued by the chief executive officer, and confirm the state does not endorse the innovation.

• Participants must maintain records, report any breaches or testing failures, cease operations within 60 days after the 24-month testing period ends, and continue fulfilling ongoing duties after exit if applicable.

• Terminates the sandbox program on July 1, 2029, and authorizes use of processing fees deposited to the Arizona Commerce Authority fund to support administration of the program.