Arizona HB 2195 Effective on August 2
Issue BriefHB 2195, that would permit timeshare developers to use an expedited filing process for amendments to their Arizona registrations was signed into law by Governor Jan Brewer on March 27, 2012. The bill will take effect on August 2, 2012.
ImpactThe Arizona Department of Real Estate (ADRE) has experienced several staff and budget cuts since 2009, slowing reviews of all developer filings. The amended HB 2195 will allow developers to choose a faster process for acceptance of amendments.
Position/Call to ActionARDA-Arizona supports HB 2195 as it will get new information to prospective buyers faster and save developers substantial carrying costs while awaiting acceptance of their amendment filings. ARDA negotiated House Commerce Committee amendments with the ADRE. The provisions in the bill are based on similar procedures for subdivision developers that were enacted about 10 years ago. ARDA-ROC has not taken a position on the bill.
The final version of HB 2195 that passed the Arizona House and Senate may be found here
. The bill has received only unanimously favorable votes which continued with the March 22 vote for passage in the Senate. Governor Brewer signed HB 2195 on March 27. The bill takes effect on the 91st day after the Legislature adjourned on May 3. The new provisions will be effective on August 2 so amendments could be processed in 15 business days for most types and 30 calendar days for amendments adding six or more component sites.