Bill > HB2516

This bill updates Arizona's unclaimed property laws by transferring administrative responsibilities from the Department of Revenue to the State Treasurer. The bill creates a new State Treasurer Administrative Fund that will receive up to $24.5 million annually from unclaimed property proceeds to cover administrative costs. It makes several technical changes to definitions and terminology throughout the unclaimed property statutes, replacing references to the "department" with "state treasurer" and updating various monetary thresholds (such as changing "$50" to "$50" and "$2" to "$2"). The bill also maintains existing requirements for handling unclaimed property, including depositing the first $2 million to the seriously mentally ill housing trust fund, the next $2.5 million to the housing trust fund, and retaining at least $100,000 in a separate trust fund to pay claims. Additionally, the bill repeals a previous Department of Revenue administrative fund and transfers any unexpended monies to the new State Treasurer Administrative Fund. The changes appear to be primarily administrative in nature, modernizing the language and shifting oversight of unclaimed property from the Department of Revenue to the State Treasurer's office.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82328