The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. A statutory fund established prior to the effective date of this section may not be reclassified as a fund held in trust unless the fund under consideration meets the following factors:
1. Serves at least one of the following purposes:
(a) Protects public health or safety.
(b) Provides consumer protection by ensuring quality standards of an industry.
(c) Provides research grants for projects designed to further the purposes of the program.
2. Is for a program that meets both of the following requirements:
(a) Is funded primarily by industry fees assessed on a specified group of people and designated for a particular purpose.
(b) Has independent industry council review of the program budget and fees.
B. Any legislative standing committee considering legislation to reclassify a statutory fund to a fund held in trust shall affirm that the fund seeking reclassification meets the factors outlined in subsection A.