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Senate Engrossed |
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State of Arizona Senate Fifty-third Legislature Second Regular Session 2018
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SENATE BILL 1097 |
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AN ACT
amending sections 44‑309 and 44‑317, 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 44-309, Arizona Revised Statutes, is amended to read:
44-309. Notice and publication of abandoned property
A. The department shall publish a notice at least semiannually with a toll free telephone number and directing the public to the department's web site website regarding abandoned property that has been paid or delivered to the department. The department shall cause the notice to be published in a newspaper of general circulation in each county. The department shall ensure that the notice is in a form also cause the notice to either be published on social media or broadcast on radio or published or broadcast by any other means that in the judgment of the department is likely to attract the attention of the apparent owner of the unclaimed property. The department's web site website shall contain all of the following information not later than November 30 of the year after the year in which abandoned property has been paid or delivered to the department:
1. The name of each person that appears to be the owner of the property as stated in the report filed by the holder.
2. The last known address or location of each person that appears to be the owner of the property, if an address or location is stated in the report filed by the holder.
3. A statement that explains that the property of the owner is presumed abandoned and is in the protective custody of the department.
4. A statement that on request to the department information about the property and its return to the owner is available to a person who has a legal or beneficial interest in the property.
B. The department's web site website is not required to contain the name, address or location of an owner of property that has a total value of less than fifty dollars or information concerning a traveler's check, money order or similar instrument.
C. The department shall publish annually the estimated total dollar amount of unclaimed property on the home page of the department's unclaimed property website.
Sec. 2. Section 44-317, Arizona Revised Statutes, is amended to read:
44-317. Filing claim with department
A. Any person, excluding another state, who claims property that was paid or delivered to the department may file a claim on a form prescribed by the department and verified by the claimant.
B. Within ninety days after a claim is filed the department shall allow or deny the claim and shall give written notice of the decision to the claimant. If the claim is denied the department shall inform the claimant of the reasons for the denial and shall specify what additional evidence is required before the claim will be allowed. The claimant may then file a new claim with the department or may maintain an action pursuant to section 44‑318.
C. Within thirty days after a claim is allowed the department shall deliver the property or pay the net proceeds of a sale of the property to the claimant, including any dividend, interest or other increment to which the claimant is entitled pursuant to sections 44‑311 and 44‑312.
D. A holder who pays the owner for property that has been delivered to the department and that if claimed from the department by the owner would be subject to an increment pursuant to sections 44‑311 and 44‑312 shall recover from the department the amount of the increment.
E. Notwithstanding any other maximum time period that is specified in a statute, contract or court order to commence or enforce an action to obtain payment of a claim for monies or recovery of property, A person may file a claim under subsection A of this section within thirty‑five years after the final day of the fiscal year in which the department receives the unclaimed property.
Sec. 3. Retroactivity
This act applies retroactively to from and after December 31, 2017.