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.
44-314. Federal deposit insurance corporation trust fund; temporary custody; interest
A. The federal deposit insurance corporation trust fund is established consisting of monies the department receives from the federal deposit insurance corporation under the unclaimed deposits amendments act of 1993 (P.L. 103-44; 107 Stat. 220; 12 United States Code section 1822(e)). The department shall administer the fund. Monies in the fund are continuously appropriated.
B. If the monies deposited in the federal deposit insurance corporation trust fund are not claimed by the owner within ten years after being surrendered to the department, the department shall return the monies to the federal deposit insurance corporation.
C. This state retains all interest earned on the monies in the federal deposit insurance corporation trust fund. The interest earned on the monies in the federal deposit insurance corporation trust fund shall be credited as follows:
1. Sixty-five per cent in the state general fund.
2. Thirty-five per cent in the housing trust fund established by section 41-3955.