AZ SB1191

Amends Arizona Revised Statutes Section 6-843 regarding escrow agent disbursements to add distributed ledger technology transfers as an acceptable form of deposit.

Distributed ledger technology transfers must occur within a secure network of federally insured depository institutions and must be fully settled and irrevocably credited in U.S. dollars on a one-to-one basis.

Transfers cannot be settled or backed by central bank digital currency and must use an established national clearing house network for settlement.

Defines "distributed ledger technology" as a decentralized, shared, immutable, tamper-resistant ledger protected by cryptography, which may be tokenized or tokenless.

Escrow agents may continue to disburse up to $500 per transaction or available cash without complying with deposit requirements, and the rules do not apply to account servicing.