If this bill were to become law, it would significantly reduce the timeframe for the Arizona Department of Revenue (ADOR) to process unclaimed property claims. Currently, under B. Within ninety thirty days after a claim is filed, ADOR has 90 days to allow or deny a claim and notify the claimant. The bill would change this to 30 days, thereby expediting the claims process. Additionally, the bill modifies the requirement in C. Within thirty days after a claim is allowed filed with the department, which currently mandates that ADOR deliver the property or pay the net proceeds within 30 days after allowing a claim. The new language would require ADOR to deliver the property or pay the proceeds within 30 days after a claim is filed, provided the claim is allowed. Overall, the proposed changes aim to streamline the unclaimed property claims process, making it more efficient for claimants to receive their property or proceeds. The bill would take effect on the general effective date, ensuring that these changes are implemented promptly.

Statutes affected:
Introduced Version: 44-317