Bill > HB2711

This bill modifies how money from unclaimed property is distributed in Arizona. Specifically, it mandates that fifty-five percent of these funds will now go into the housing trust fund, with forty percent of that amount specifically designated for developing housing in rural areas. After this allocation, the first $2,000,000 received annually will be deposited into the seriously mentally ill housing trust fund, and the subsequent $24,500,000 will be deposited into the department of revenue administrative fund. The bill also adjusts the amount the department must retain in a separate trust fund to pay claims to $100,000. These changes alter the existing distribution of unclaimed property funds, which previously had different dollar amounts allocated to various funds.