SB1096 Summary

• Amends section 32-2175 of Arizona Revised Statutes to clarify property management record-keeping requirements for residential and nonresidential rental agreements.

• Property managers must retain residential rental agreements (including lease amendments and addenda) and related documents for one year after expiration or until given to the owner, with related documents potentially including rental applications, move-in forms, and default notices.

• Allows property managers to store records at the broker's main office, branch office, electronically, or at an off-site storage location in Arizona (including multi-family leasing offices) with prior written notification to the department.

• Requires records of finder fees paid to tenants be kept for three years and financial records for at least three years from execution date.

• Maintains broker authority to sign nonresidential rental agreements and allows the commissioner to audit property management accounts and related records for compliance purposes.