The proposed bill would update current statutes regarding the recovery of unclaimed property by introducing new requirements for locators and modifying existing provisions. It would
allow claimants, rather than just owners, to enter into agreements for property recovery and require these agreements to include specific information, such as unclaimed property account numbers in a larger font size. Additionally, the bill would reduce the maximum fee for recovery agreements from 30 percent to 20 percent of the property value, and mandate that locators disclose this fee structure as negotiable when first communicating with potential customers.
Furthermore, the bill would establish a Locator Registration Fund to manage fees collected from locator registrations and renewals, which would be used to monitor locators. It would also require locators to register with the Arizona Department of Revenue (ADOR) and provide detailed contact information, while prohibiting them from sharing unclaimed property account information for compensation. The bill would remove certain provisions regarding the enforceability of agreements made during specific timeframes related to property abandonment, thereby clarifying the legal landscape for property recovery agreements. Overall, these updates aim to enhance transparency, protect claimants, and regulate the activities of locators in the unclaimed property process.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