Assigned to FIN                                                                                                                 AS PASSED BY COW

ARIZONA STATE SENATE

Fifty-Seventh Legislature, First Regular Session

AMENDED

FACT SHEET FOR S.B. 1300

unclaimed property; department of revenue

Purpose

Reduces the timeframe for the Arizona Department of Revenue (ADOR) to allow or deny an unclaimed property claim and deliver the property or pay the net proceeds of a sale of the property to the claimant. Allows a spouse, parent, sibling or child to claim property for the rightful owner, if a candidate committee’s or political action committee's property is abandoned.

Background

ADOR's Unclaimed Property Program seeks to efficiently and effectively collect, safeguard and distribute unclaimed property to property owners by: 1) sending notices to potential property owners; 2) featuring claimant information through a search function on ADOR's website; 3) advertising in Arizona media; and 4) working with other state agencies in Arizona and nationally to track unclaimed property owners (ADOR).

Statute allows any person to file a claim with ADOR for unclaimed property paid or delivered to ADOR. Within 90 days after receiving a claim, ADOR must allow or deny the claim and give written notice of its decision to the claimant. If the claim is denied, ADOR must inform the claimant about the reasoning behind the denial and specify if any additional evidence or information is required before the claim will be allowed. Within 30 days after allowing a claim, ADOR must 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 (A.R.S.
§ 44-317).

There is no anticipated fiscal impact to the state General Fund associated with this legislation.

Provisions

1. Reduces the timeframe, from 90 days after a claim is filed to 30 days after a claim is filed, within which ADOR must allow or deny the claim and give written notice of the decision to the claimant.

2. Modifies the timeframe, from within 30 days after allowing a claim to within 30 days after filing a claim, within which ADOR must deliver the claimed property or pay the net proceeds of a sale of the property to the claimant.

3. Specifies that property held by a candidate committee, political action committee or political party is presumed abandoned one year after the expiration of the committee or political action committee, if the property is not claimed by the rightful owner.

4. Allows a spouse, parent, sibling or child, if a committee’s, political action committee’s or political party's property is abandoned, to claim the property for the rightful owner.

5. Makes conforming changes.

6. Becomes effective on the general effective date.

Amendments adopted by Committee of the Whole

1. Specifies that property held by a candidate committee, political action committee or political party is presumed abandoned one year after the expiration of the committee or political action committee, if the property is not claimed by the rightful owner.

2. Allows a spouse, parent, sibling or child, if a committee’s or political action committee’s property is abandoned, to claim the property for the rightful owner.

Senate Action

FIN       2/10/2025          DP          5-2-0

Prepared by Senate Research

February 25, 2025

MG/AL/ci