The bill SB1738 makes several amendments to existing Arizona state laws related to commerce to implement the FY 2025 state budget. Key changes include increasing the cap of unencumbered monies in the Department of Insurance and Financial Institutions (DIFI) Revolving Fund from $200,000 to $700,000 before excess funds must be deposited into the DIFI Receivership Revolving Fund. It also removes the requirement for unencumbered and unexpended monies in excess of $250,000 in the Data Processing Acquisition Fund to revert to the state General Fund at the end of each calendar year.

Additionally, the bill establishes the Fraud Unit Assessment Fund, effective July 1, 2025, where fees collected for the administration and operation of the DIFI Fraud Unit will be deposited, instead of the state General Fund. Monies in this new fund are continuously appropriated for the operation of the Fraud Unit. The bill also repeals the Rural Broadband Accelerated Match Fund, removes the specification that the Microbusiness Loan Fund and Program be utilized only in FY 2024, and stipulates that the Microbusiness Loan Fund and Program will be repealed on July 1, 2025, with remaining funds transferred to the state General Fund. The bill includes technical and conforming changes and becomes effective on the general effective date, with delayed effective dates as noted for certain provisions.

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, 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