Rule detail : 206093

AZ LEG Department of Real Estate Bill

On Mar. 25, AZ LEG passed bill updating various real estate provisions.

AZ LEG passed bill SB 1171 amending Arizona Dept. of Real Estate (ADRE) statutes.
Code Amendments
Bill makes real estate department amendments to AZ LEG 32-20-1-2101, AZ LEG 32-20-1-2104, AZ LEG 32-20-1-2106, AZ LEG 32-20-1-2108.01, AZ LEG 32-20-1-2116.
Also amends licensing: AZ LEG 32-20-2-2123, AZ LEG 32-20-2-2124, AZ LEG 32-20-2-2125, AZ LEG 32-20-2-2125.02, AZ LEG 32-20-2-2126, and AZ LEG 32-20-2-2127.
AZ LEG 32-20-2-2130, AZ LEG 32-20-2-2132, AZ LEG 32-20-2-2135, AZ LEG 32-20-2-2136.
Regarding regulation, unlawful acts, license suspension AZ LEG 32-20-3-2151.
In addition, AZ LEG 32-20-3-2151.01, AZ LEG 32-20-3-2153, AZ LEG 32-20-3-2163.
Updates AZ LEG 32-20-3.1-2174, on property management, AZ LEG 32-20-9-2197.08, AZ LEG 32-20-9-2197.10, AZ LEG 32-20-9-2197.16, regarding real estate timeshares.
Bill Provisions
SB 1171 updates ADRE requirements and modifies Real Estate Advisory Board terms.
Allows license suspension if fingerprint clearance card is suspended, with conditions.
Removes ADRE requirement to contact the Military Airspace Working Group to request contact information and instead directs ADRE to post the information on their website.
Notice sent 1 year before inactive license becomes inactive for more than 15 years.
Updates broker responsibilities, application and licensing requirements, miscellaneous.
Legislative History
On Jan. 24, 2024, bill introduced in the Senate; on Feb. 6, 2024, bill passed Senate.
On Feb. 16, 2024, bill introduced in House; on Mar. 19, 2024, bill passed in the House.
On Mar. 25, 2024, bill sent to governor, awaits signature/approval or veto override.
Effectiveness
Bill effective on Sep. 14, 2024 (91 days after Jun. 15 adjournment).
Mar. 29, 2024 AZ LEG Governor Approval
On Mar. 29, 2024, AZ LEG governor approved bill SB 1171 into law, now Chapter 52.
Document dated Mar. 29, 2024, received from AZ LEG Apr. 3, summarized on Apr. 7.

Regulators	AZ LEG
Entity Types	Corp; IB
Reference	Ch. 52, 3/29/2024; Bill, SB1171, 3/25/2024; Citation: AZ LEG 32-20-1-2101, 32-20-1-2104, 32-20-1-2106, 32-20-1-2108.01, 32-20-1-2116, 32-20-2-2123, 32-20-2-2124, 32-20-2-2125, 32-20-2-2125.02, 32-20-2-2126, 32-20-2-2127, 32-20-2-2130, 32-20-2-2132, 32-20-2-2135, 32-20-2-2136, 32-20-3-2151, 32-20-3-2151.01, 32-20-3-2153, 32-20-3-2163, 32-20-3.1-2174, 32-20-9-2197.08, 32-20-9-2197.10, 32-20-9-2197.16;
Functions	Compliance; Legal; Operations; Registration/Licensing; Reporting
Countries	United States of America
Category
State
Products	Corporate
Regions	Am
Rule Type	Final
Rule Date	3/25/2024
Effective Date	9/14/2024
Rule Id	206093
Linked to	N/A
Reg. Last Update	3/29/2024
Report Section	US Consumer