The proposed bill would significantly update current statutes by transferring the administration of unclaimed property and the FDIC Trust Fund 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 used exclusively for administrative costs, while repealing the existing "ADOR Administrative Fund" and transferring any remaining funds to the new fund. The bill also updates definitions related to unclaimed property, such as increasing the threshold for "de minimis property" from fifty dollars to $50, and revises language concerning property classifications and the responsibilities of the State Treasurer.

Additionally, the bill replaces references to the "department" and "director" of revenue with the "State Treasurer," reflecting the shift in administrative responsibility. It mandates the State Treasurer to publish notices about unclaimed property and maintain a relevant website, clarifying the claims process and the sale of unclaimed property. The bill also requires the Legislative Council Staff to prepare conforming legislation for future sessions to ensure that the Arizona Revised Statutes are consistent with the new provisions introduced by this act.

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