Governor Doug Ducey attended the 2019 Arizona Tech Innovation Summit on Wednesday, an event which brought together business leaders and representatives from companies driving innovation in Arizona. During the summit, Governor Ducey signed legislation creating a regulatory sandbox for property technology companies in Arizona.
H.B. 2673, sponsored by Arizona State Representative Jeff Weninger, establishes a “Property Technology Sandbox” for businesses to test innovative products or services in the real estate industry. By reducing costly barriers to entry, the bill promotes the development of disruptive technologies affecting the transfer and management of both commercial and residential property.
“PropTech is changing the way we rent, sell, buy, develop and manage property,” said Governor Ducey. “With this forward-thinking legislation, PropTech companies will have a place to develop and test their products — while benefiting and protecting consumers. With this bill, Arizona continues to send the message loud and clear that our state is the best place to develop cutting-edge technologies.”
“As a small business owner, I know what it takes to get a business off the ground — and more government isn’t the answer,” said Arizona State Representative Jeff Weninger. “This legislation gets government out of the way and sends a signal that Arizona will continue to take the lead in fostering innovation across all sectors, including the real estate industry.”
Today’s summit also provided an update on Arizona’s FinTech Sandbox. At the 2018 Arizona Tech Innovation Summit, Governor Ducey signed legislation making Arizona the first state in the nation to remove costly barriers to entry for companies developing products and services in the financial services industry.