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SB 1300

unclaimed property; department of revenue

57th Legislature - First Regular Session Introduced by Warren Petersen

SB 1300 alters Arizona's unclaimed property procedures, affecting how dormant accounts transfer to state control and how the Department of Revenue manages abandoned assets.

Vetoed by Governor
0
WeVote Research Nonpartisan
Bill Summary · SB 1300

Legislative bill overview

SB 1300 modifies Arizona's unclaimed property laws, which govern how businesses must handle dormant accounts and abandoned assets. The bill adjusts the procedures and requirements for the Department of Revenue in managing unclaimed property and directing funds to the state's general fund or other designated purposes.

Why is this important

Unclaimed property laws affect millions of dollars annually—Arizona holds billions in unclaimed funds belonging to individuals, businesses, and organizations. Changes to these procedures impact how quickly people can recover their lost assets and how much revenue the state retains from dormant accounts.

Potential points of contention

  • Holding period changes: Modifications to timeframes for when property is deemed "abandoned" could accelerate when funds transfer to state control, reducing recovery windows for rightful owners
  • State revenue vs. individual access: Strengthening the state's claim on unclaimed funds may benefit state budgets but could make it harder for citizens to reclaim their property
  • Administrative burden: New procedures for the Department of Revenue could increase costs or create compliance challenges for businesses holding customer funds

Compiled from official sources — confirm details with the bill’s official record.

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