ARIZONA HOUSE OF REPRESENTATIVES Fifty-seventh Legislature First Regular Session
	House: WM DP 5-4-0-0 | 3rd Read WM DP 32-26-2-0-0

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HB 2516: unclaimed property; transfer; state treasurer

Sponsor: Representative Olson, LD 10

Caucus & COW

Overview

Transfers control over unclaimed property from the Department of Revenue (DOR) to the State Treasurer, creates an administrative fund for the State Treasurers office and transfers the monies in the DOR Administrative Fund to the State Treasurer Administrative Fund, and directs the Legislative Council staff to prepare legislation to conform the Arizona Revised Statutes (A.R.S.).

History

Currently DOR oversees unclaimed property under the Revised Arizona Unclaimed Property Act with unclaimed property being held in protective custody by DOR (A.R.S. § 44-309). If property or securities are left unclaimed for three years DOR will sell the unclaimed property or securities to the public with property being sold off at the highest bidder and securities sold at the price of the prevailing exchange at time of sale (A.R.S. § 44-312). The proceeds gained are currently deposited into the state General Fund with the exception of: 1) the first $2,000,000 which are deposited into the Seriously Mentally Ill Housing Fund; 2) the second $2,000,000 which are deposited to the Housing Trust Fund; and 3) the next $24,500,000 which is to be deposited into the Department of Revenue Administrative Fund each fiscal year (A.R.S. § 44-313).

Provisions

1. Establishes the State Treasurer Administrative Fund, which will consist of monies from unclaimed property deposited into the Fund and will be administered by the State Treasurer. (Sec. 1)

2. Mandates that the monies in the Fund will be solely used for the administrative costs of the State Treasurer's office and is subject to legislative appropriation. (Sec. 1)

3. Repeals the DOR Administrative Fund. (Sec. 2)

4. Authorizes the transfer of all unexpended and unencumbered monies that remain in the DOR Administrative Fund to the State Treasurer Administrator Fund. (Sec. 2)

5. Removes the definitions for Department and Director. (Sec. 3)

6. Directs the Legislative Council staff to prepare proposed legislation conforming A.R.S. to the provisions of this act. (Sec. 13)

7. Makes technical changes. (Sec. 3, 7, 9, 10)

8. Makes conforming changes. (Sec. 3)

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12.                   HB 2516

13. Initials VP/DD    Page 0 Caucus & COW

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