The proposed bill would update current statutes regarding the recovery of unclaimed property by allowing claimants to enter into agreements for property recovery, rather than limiting this ability to property owners. It would also modify the requirements for enforceable agreements by mandating that specific account numbers be presented in a larger font. The maximum fee for recovery agreements would be reduced from 30% to 20% of the property value, with locators required to disclose that their fees are negotiable and capped at this new rate. Additionally, the bill would eliminate the provision that voids agreements made during a specific time frame related to property abandonment. Moreover, the bill establishes a Locator Registration Fund funded by registration and renewal fees, which would be used to monitor locators. It requires locators to register with the Arizona Department of Revenue (ADOR) and provides guidelines for the information they must submit. The bill also enhances the protection of confidential information, classifying unauthorized disclosure as a misdemeanor or felony, and mandates ADOR to promote awareness of unclaimed property. Overall, these updates aim to improve the regulation of property locators, enhance transparency, and facilitate the recovery process for unclaimed property while safeguarding the rights of claimants.

Statutes affected:
Introduced Version: 44-315, 44-327, 44-327.01, 42-2002, 44-309
House Engrossed Version: 44-315, 44-327, 44-327.01, 42-2002, 44-309