The proposed bill would significantly update current statutes by transferring the administration of unclaimed property 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, which will be allocated solely for administrative costs as outlined in
sections A and B. The bill also
section 42-1116.01, facilitating the transfer of any remaining unexpended and unencumbered funds from the ADOR Administrative Fund to the newly created fund. Additionally, it modifies the definition of "de minimis property" to include account balances of $50 or less and updates various terms throughout the statutes, replacing references from the department to the state treasurer.
Moreover, the bill mandates that the state treasurer assume responsibilities previously held by the department, including the management of unclaimed property and the publication of notices regarding abandoned property. It clarifies the process for claiming property and outlines the obligations of the state treasurer in handling claims, sales, and distributions related to unclaimed property. The bill also directs 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