The proposed bill would update current statutes related to unclaimed property recovery by introducing new provisions and modifying existing regulations. It would allow claimants to enter into recovery agreements, reducing the maximum fee from 30% to 20% of the recoverable property value. Additionally, locators would be required to disclose that their fees are negotiable and capped at 20% when communicating with potential customers. The bill also clarifies that agreements between claimants and locators must be in writing, include property account numbers, and state the value of the property before and after fees. Moreover, the bill would establish a Locator Registration Fund to manage fees from locator registrations and renewals, introduce new registration requirements including background checks for felony convictions related to dishonesty or fraud, and prohibit locators from sharing unclaimed property account information for compensation. It mandates that unclaimed property account information be publicly available in a database, enhancing transparency and accountability in the recovery process. Overall, these updates aim to create a structured framework for locators and improve the regulation of unclaimed property handling in Arizona.

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
Senate Engrossed Version: 44-315, 44-327, 44-327.01, 42-2002, 44-309