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ARIZONA STATE SENATE
Fifty-Fourth Legislature, Second Regular Session
property management records; residential rentals
Purpose
Outlines related documents a property manager must store for one year after the rental agreement expires or until given to the owner at the termination of a property management agreement.
Background
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 rental agreement and related documents are given to the owner upon termination of any 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 Arizona Department of Real Estate (A.R.S. § 32-2175).
There is no anticipated fiscal impact to the state General Fund associated with this legislation.
Provisions
1. Specifies that the related documents a property management firm must keep for one year from the expiration of the rental agreement or until the records are provided to the property owner at the termination of the property management agreement include:
a) copies of identification documents obtained from tenants;
b) rental applications;
c) property inventories;
d) leases;
e) pet permits;
f) default notices; and
g) lease amendments or addenda.
2. Makes a technical change.
3. Becomes effective on the general effective date.
Prepared by Senate Research
January 21, 2020
LB/JDP/gs