ARIZONA HOUSE OF REPRESENTATIVES

Fifty-fifth Legislature

Second Regular Session

HOUSE: MAPS DP 9-6-0-0

HB 2468: veteran housing; unclaimed property locators

Sponsor: Representative Carroll, LD 22

Caucus & COW

Overview

Provides for the licensure and regulation of unclaimed property locators. Establishes the Veteran Housing Trust Fund (VHTF), with monies from the state's sales of unclaimed property, to fund housing for homeless veterans.  Allocates $1,000,000 from the state's sales of unclaimed property to the VHTF each fiscal year.   

History

Current law states that an agreement to locate property, entered into by an owner with another person, for the purpose of recovering unclaimed property, must: 1) be in writing; 2) clearly state the nature of the property and the service to be performed; 3) be signed by the claimant of the property; and 4) state the value of the property before and after the fee has been deducted. For the agreement to be enforceable, it must not:

1)   Have been entered into during the first 24 months after the property was delivered to the Arizona Department of Revenue (DOR);

2)   Require compensation that includes a portion of the underlying minerals or mineral proceeds that are not presumed abandoned; or

3)   Have a fee more than 30% of the value of the property (A.R.S. § 44-327).

Provisions

Unclaimed Property Locators

1.   Includes property locators in the list of entities to which DOR can disclose confidential information concerning items of abandoned property. (Sec. 3)

2.   Revises the requirements for agreements to locate property; specifies that, to be enforceable, the agreement must:

a)   Be in writing in at least ten-point type;

b)   List the unclaimed property account numbers being claimed;

c)   Describes the services to be performed;

d)   Be signed by the claimant; and

e)   State the value of the property before and after the fee has been deducted. (Sec. 4)

3.   Excludes, from the 30% fee restriction, recovery of an account that requires judicial determination of ownership to establish entitlement. (Sec. 4)

4.   Directs DOR to only provide unclaimed property account information to registered locators. (Sec. 5)

5.   Permits DOR to charge a fee for each information request as outlined. (Sec. 5)

6.   Requires DOR to provide unclaimed property account information in a searchable digital format and specifies the information to be provided to the locator. (sec. 5)

7.   Allows DOR to charge a registration fee. (Sec. 5)

8.   Prohibits a locator from becoming registered if an individual, officer, owner or employee was convicted of a felony involving dishonesty, deceit, fraud or a breach of fiduciary duty within the preceding 10 years. (Sec. 5)

9.   States that the locator registration is valid for four years and may be renewed. (Sec. 5)

10.  Allows DOR to charge a renewal fee. (Sec. 5)

11.  Prohibits locators from distributing the unclaimed property account information they received to other locators or persons. (Sec. 5)

12.  Permits DOR to distribute property or money in accordance with a property owner's written agreement that authorizes a registered locator to claim the property. (Sec. 5)

13.  Requires the written agreement to be executed by the owner and filed with DOR. (Sec. 5)

14.  Establishes the locator registration fund administered by DOR, that consists of the registration and renewal fees paid by locators. (Sec. 5)

15.  Directs locator registration fund monies to be used to monitor locators. (Sec. 5)

Veteran Housing Trust Fund

16.  ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteEstablishes the VHTF to be administered by the Director of the Arizona Health Care Cost Containment System (AHCCCS) and consisting of monies received from unclaimed property and investment earnings. (Sec. 1)

17.  Allows up to 10% of the monies in VHTF to be appropriated annually by the Legislature to AHCCCS for administering VHTF. (Sec. 1)

18.  Directs VHTF monies to be spent for housing projects and rental assistance for homeless veterans.  (Sec. 1)

19.  Specifies that, for VHTF construction projects, AHCCCS must notify the affected local government of the project that is planned for its jurisdiction and seek comment from the governing body. (Sec. 1)

20.  Prohibits AHCCCS from interfering with or attempting to override the local jurisdiction's land use regulations. (Sec. 1)

21.  Requires the Director of AHCCCS to submit an annual report with the outlined information to the Governor, President of the Senate and Speaker of the House on the status of the VHTF.  (Sec. 1)

22.  Allocates each fiscal year, $1,000,000 from the state's sales of unclaimed property to VHTF. (Sec. 2)

Miscellaneous

23.  Increases, from $2,000,000 to $3,000,000, the amount of monies the Seriously Mentally Ill Housing Trust Fund receives from the state's sales of unclaimed property each fiscal year. (Sec. 2)

24.  Increases, from $2,500,000 to $3,500,000, the amount of monies the Housing Trust Fund receives from the state's sales of unclaimed property each fiscal year. (Sec. 2)

25.  Defines confidential information. (Sec. 3)

26.  Makes technical changes. (Sec. 2, 3, 4)

27.  Makes conforming changes. (Sec. 4)

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31.                    HB 2468

32.  Initials FK/NM       Page 0 Caucus & COW

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