ARIZONA HOUSE OF REPRESENTATIVES

Fifty-sixth Legislature

First Regular Session

House: WM DPA/SE 6-3-1-0 | 3rd Read 32-28-0-0

HB 2242: unclaimed property; locator registration

S/E: unclaimed property; notice; distribution

Sponsor: Representative Livingston, LD 28

House Engrossed

 

Overview

Requires circulation of notices at least quarterly and reallocates monies to the General Fund (GF).

History

Current statute deposits monies into the following funds:

1)   Seriously Mentally Ill Housing Trust Fund - $2,000,000 (A.R.S. § 41-3955.01);

2)   Housing Trust Fund - $2,500,000 (A.R.S. § 41-3955);

3)   Department of Revenue Administrative Fund - $24,500,000;

4)   Permanent State School Fund - $51,025 (Article 9, Section 8, AZ Constitution); and

5)   Victim Compensation and Assistance Fund - $825,986 (A.R.S. 41-2407)

Provisions

1.   Adds a requirement that the Department of Revenue (DOR) must also circulate the notice through social media, radio or any other means that in the judgement of DOR is likely to attract the attention of the apparent owner of the unclaimed property at least quarterly. (Sec. 4)

2.   Asserts that monies to be deposited in the seriously mental ill housing trust fund, housing trust fund, permanent state school fund and victim compensation and assistance fund are to be deposited in the GF. (Sec. 5)

3.   ☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal NoteContains technical and conforming changes. (Sec. 1,2,3,4,5)

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7.                     HB 2242

8.   Initials VP/AA        Page 0 House Engrossed

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