The proposed bill would update current statutes by introducing new requirements for property locators in Arizona, including mandatory registration with the Arizona Department of Revenue (ADOR) and the establishment of a Locator Registration Fund funded by registration fees. It would reduce the maximum fee locators can charge for recovering unclaimed property from 30% to 20% and require locators to disclose this fee structure to customers. Additionally, the bill allows claimants to enter into agreements for property recovery and modifies the information required in these agreements, enhancing transparency in the process.

Moreover, the bill would create a public database with detailed information about unclaimed property accounts and specify that locators must provide their contact information while prohibiting the sharing of confidential account information for compensation. Violations of these provisions would be classified as a class 1 misdemeanor or a class 5 felony, depending on the severity of the offense. Overall, the bill aims to improve accountability and regulation in the property recovery process while ensuring that fees are reasonable and clearly communicated.

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