REFERENCE TITLE: technical correction; unclaimed property; transition

State of Arizona House of Representatives Fifty-third Legislature Second Regular Session 2018

HB 2645

Introduced by Representatives Martinez: Cardenas, Clodfelter, Grantham, John, Lawrence, Salman

 

AN ACT

 

amending section 44-329, Arizona Revised Statutes; relating to unclaimed property.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 44-329, Arizona Revised Statutes, is amended to read:

START_STATUTE44-329.  Transitional provisions

A.  An initial report filed pursuant to this chapter for property that was not required to be reported before the effective date of this chapter January 1, 2001 but that is subject to this chapter shall include all items of property that would have been presumed abandoned within ten years before the effective date of this chapter January 1, 2001 as if this chapter had been in effect during that period.

B.  This chapter does not relieve a holder of a duty that arose before the effective date of this chapter January 1, 2001 to report, pay or deliver property.  Except as provided in section 44‑321, subsection B, a holder who did not comply with the law in effect before the effective date of this chapter January 1, 2001 is subject to the applicable provisions for enforcement and penalties that were in effect under the prior law.END_STATUTE