Bill > HB2517

This bill updates Arizona's laws regarding unclaimed property by making several key changes. First, it modifies confidentiality provisions for unclaimed property information, expanding the circumstances under which the department can disclose such information and clarifying what constitutes "confidential information." Second, the bill establishes new regulations for property locators (professionals who help people recover unclaimed property) by creating a mandatory registration system with specific requirements. Locators must now register with the state, pay a registration fee, and adhere to strict disclosure rules, including capping their fees at 20% and providing a clear disclosure to potential customers about negotiable rates. The bill also creates a public database with detailed unclaimed property information, including the owner's name, last known address, property type, and cash value. Additionally, the legislation requires written agreements between locators and property owners to follow specific formatting and disclosure guidelines, and establishes penalties for improperly disclosing confidential information. The overall intent appears to be increasing transparency, protecting property owners, and creating more structured oversight of the unclaimed property recovery process.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/82329