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AZ HB2763

Bill

Status

Introduced

2/5/2024

Primary Sponsor

Oscar De Los Santos

Click for details

Origin

House of Representatives

Fifty-sixth Legislature - Second Regular Session (2024)

AI Summary

  • Limits corporations, limited liability companies, and their affiliates to purchasing no more than 100 single family residences per calendar year in Arizona.

  • Requires entities purchasing single family residences to register with the Securities Division of the Corporation Commission and obtain a certificate of registration before purchase, with exemption for entities owning fewer than 10 residences in the state.

  • Requires county recorders to include deed ownership information from the Corporation Commission registry and a statement that the residence is not the owner's primary residence before recording a deed for such purchases.

  • Exempts from the 100-unit annual cap sales of newly constructed residences and transfers of residences within the same corporation or limited liability company.

  • Directs the Corporation Commission to establish and maintain a publicly available registry of all corporations, limited liability companies, and affiliates that purchase or own single family residences in Arizona.

Legislative Description

Single family residence purchases; limitations

Real Estate

Last Action

House read second time

2/6/2024

Committee Referrals

Rules2/5/2024
Regulatory Affairs2/5/2024

Full Bill Text

No bill text available