The bill SB1738 amends various sections of the Arizona Revised Statutes related to commerce, primarily focusing on financial provisions within the Department of Insurance and Financial Institutions (DIFI) and the establishment of new funds. Key changes include increasing the cap on unencumbered funds in the DIFI Revolving Fund from $200,000 to $700,000 before excess funds must be transferred to the DIFI Receivership Revolving Fund. Additionally, the bill removes the requirement for excess funds in the Data Processing Acquisition Fund to revert to the state General Fund at the end of each year, and it establishes the Fraud Unit Assessment Fund, which will receive fees collected for the operation of the DIFI Fraud Unit.

Furthermore, the bill repeals the Rural Broadband Accelerated Match Fund and the Microbusiness Loan Fund, with the latter set to be repealed entirely by June 30, 2025, transferring any remaining funds to the state General Fund. The new provisions also ensure that the Fraud Unit Assessment Fund is continuously appropriated and administered by DIFI. Overall, the bill aims to streamline financial management within DIFI and adjust funding mechanisms to better support the department's operations.

Statutes affected:
Introduced Version: 6-135, 20-466, 20-466.05, 35-190, 6-135.01, 41-3451, 20-466.01, 41-1822, 20-160, 20-466.04, 20-441, 35-146, 35-147
Senate Engrossed Version: 6-135, 18-441, 20-466, 20-466.05, 35-190, 6-135.01, 41-126, 35-146, 35-147, 41-3451, 20-466.01, 41-1822, 20-160, 20-466.04, 20-441