The proposed bill would significantly update the administration of unclaimed property in Arizona by transferring responsibilities from the Arizona Department of Revenue (ADOR) to the State Treasurer. It establishes a new state treasurer administrative fund to manage funds from unclaimed property collections, which will be allocated solely for administrative costs. The bill also repeals section 42-1116.01 and transfers any remaining funds from the department of revenue administrative fund to the newly created state treasurer administrative fund. Additionally, it updates the definition of de minimis property to reflect a threshold of $50. Moreover, the bill replaces references to the department with the state treasurer in various sections, thereby designating the State Treasurer as the responsible entity for managing unclaimed property, including the publication of notices and claims processing. It also clarifies the obligations of holders regarding unclaimed property and outlines the process for claiming such property. To ensure a smooth transition, the bill mandates that the legislative council staff prepare conforming legislation for the next session to align the Arizona Revised Statutes with these new provisions.

Statutes affected:
Introduced Version: 41-180, 42-1116.01, 44-301, 44-306, 44-308, 44-309, 44-311, 44-312, 44-313, 44-314, 44-316, 44-317, 27-231, 27-901, 44-303, 46-441, 40-491, 44-307, 47-8405, 44-310, 35-146, 35-147, 41-3955.01, 41-3955, 41-2407, 44-304
House Engrossed Version: 41-180, 42-1116.01, 44-301, 44-306, 44-308, 44-309, 44-311, 44-312, 44-313, 44-314, 44-316, 44-317, 27-231, 27-901, 44-303, 46-441, 40-491, 44-307, 47-8405, 44-310, 35-146, 35-147, 41-3955.01, 41-3955, 41-2407, 44-304