SB1442

Arizona SB1442 restricts corporate and limited liability company purchases of single-family residences, condominiums, or townhomes unless certain.

Arizona SB1442 mandates that corporations and limited liability companies register with the Securities Division of the Arizona Corporation Commission before purchasing single-family residences, condominiums, or townhomes in the state. Exceptions include governmental entities, nonprofit groups, and those owning fewer than ten such properties. The commission can charge a fee for registration and may impose a civil penalty of up to $20,000 for violations. The Securities Division must maintain a registry of registrants and submit an annual report to state officials.