STATE CAPITOL, Phoenix – Today, the Senate Commerce Economic and Development Committee passed SB 1302 unanimously with a vote of 8-0.
Current law requires an affidavit of value to be filed as part of a property transaction. SB 1302 requires current and accurate ownership information on all property. Knowingly failing to do so will be considered deceptive practice and can be prosecuted as consumer fraud.
“The people who do not file complete and accurate affidavits are those who do not want to be accountable for that property,” said Sen. Debbie McCune Davis. “This bill creates an obligation to declare the accurate owner of a property. If you want that transaction to be valid, then the information included in the transaction should be valid.”