This bill proposes significant updates to the current statutes regarding unclaimed property managed by the Arizona Department of Revenue (ADOR). Under the current law, ADOR has 90 days to allow or deny a claim after it is filed, and must deliver the property or pay the net proceeds within 30 days after allowing a claim. The bill reduces the timeframe for ADOR to allow or deny a claim from 90 days to 30 days after a claim is filed. Additionally, it modifies the delivery timeframe to require ADOR to deliver the property or pay the net proceeds within 30 days after a claim is filed, rather than after it is allowed.

Furthermore, the bill introduces new provisions that specify property held by a candidate committee or political action committee is presumed abandoned one year after the committee's expiration if not claimed. It also allows immediate family members (spouse, parent, sibling, or child) to claim abandoned property on behalf of the rightful owner. These changes aim to streamline the claims process and expand the eligibility for claiming unclaimed property.

Statutes affected:
Introduced Version: 44-317
Senate Engrossed Version: 44-304.01, 44-317, 16-901