The proposed bill would update current statutes by transferring the oversight of unclaimed property from the Department of Revenue (DOR) to the State Treasurer, establishing a new State Treasurer Administrative Fund funded by unclaimed property for administrative costs. It would also mandate the transfer of any unexpended and unencumbered funds from the DOR Administrative Fund to the new fund, effectively repealing the DOR Administrative Fund. Additionally, the bill would remove definitions related to the "Department" and "Director" and replace references to the "department" with "state treasurer" throughout the statutes. Furthermore, the bill would clarify the responsibilities of the state treasurer in publishing notices about unclaimed property and maintaining a relevant website. It would also update the process for claiming property, including the distribution of proceeds from the sale of abandoned property. The Legislative Council staff would be directed to prepare conforming legislation to ensure consistency with these changes in the Arizona Revised Statutes.

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