ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fourth Legislature

Second Regular Session

Senate: COM DPA 5-0-3-0 | 3rd Read 30-0-0-0

SB 1096: property management records; residential rentals

Sponsor:  Senator Pace, LD 25

Committee on Commerce

Overview

Outlines additional places in which a property management firms are permitted to keep records.

History

Property management firms must keep a residential rental agreement and related documents for one year from the expiration of the rental agreement or until the documents are given to the owner upon termination of any property management agreement. Firms must keep records of all finder fees for tenants for three years after the payment is made or until the records are given to the owner at the termination of the property management agreement.  The records must be kept at the broker's main office or at an off-site storage location in Arizona if the broker provides prior written notice of the storage location to the Department of Real Estate (Department) (A.R.S. § 32-2175).

Provisions

Property Management Records (Sec. 1)

1.    Includes any lease amendments and addenda to the list of documents that a property management firm must keep for one year after the expiration of the rental agreement or until the agreement and related documents are given to the owner at the termination of any property agreement.

      i.        Specifies related documents may include rental applications with tenant-identifying information, move-in forms or default notices.

2.    Mandates that all records must be kept at either:

a)    the broker's main office or branch office;

b)    electronically; or

c)    at an off-site storage location in this state if the broker provides the Department prior written notification and a street address of the off-site storage location;

i.      All records include residential rental agreements, finder fees, financial records pertaining to clients and nonresidential real estate lease agreements.

3.    Specifies off-site storage location includes a multi-family leasing office.

4.    Requires trust account records be kept in accordance with statute pertaining to trust money deposit requirements.☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note

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8.                      SB 1096

9.    Initials PRB           Page 0 Commerce

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