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ARIZONA HOUSE OF REPRESENTATIVESFifty-fifth Legislature First Regular Session |
Senate: TAT DP 9-0-0-0 | 3rd Read 26-3-1-0 |
SB 1081: wishes; critically ill children; license plates.
S/E: registration; unclaimed property locators
Sponsor: Senator Livingston, LD 22
Committee on Transportation
Summary of the Strike-Everything Amendment to SB 1081
Overview
Allows an unclaimed property locator to register with the Department of Revenue (DOR) and request unclaimed property account information. Modifies the required fund deposits of unclaimed property revenues.
History
Pursuant to A.R.S. § 44-327, an agreement that has the primary purpose to locate, deliver, recover or assist in the recovery of property reported to DOR is enforceable if the agreement is in writing, clearly states the nature of the property and the services to be performed, is signed by the apparent owner and states the value of the property before and after the fee or other compensation has been deducted. The fee or payment agreed on is prohibited from being more than 30 percent of the value of the recoverable property to DOR.
An agreement entered into by an owner with another person is void and unenforceable if the primary purpose of that agreement is to locate, deliver, recover or assist in the recovery of property is presumed abandoned, if an agreement was entered into during the period commencing on the date the property was presumed abandoned and extending to a time that is 24 months after the date that the property is paid or delivered to DOR.
DOR is required to deposit in the state General Fund monies received from unclaimed property, including the proceeds from the sale of abandoned property except that:
1) The first $2,000,000 of the monies must be deposited each fiscal year (FY) in the Seriously Mentally Ill Housing Trust Fund;
2) The second $2,500,000 of the monies must be deposited in the Housing Trust Fund; and
3) The next $24,500,000 of monies must be deposited each FY in the DOR Administrative Fund (A.R.S. § 44-313).
Provisions
Unclaimed Property Locator Registration (Sec. 3, 5)
1. Requires DOR, on written request, to provide all unclaimed property account information for all unclaimed accounts to a registered locator.
2. Prohibits DOR from providing the unclaimed property account information to a locator that is not registered.
3.
Allows DOR to charge a fee for each
request in an amount to be determined by the department.
4. Requires DOR to provide the unclaimed property account information in a searchable electronic or digital format.
5. Requires the unclaimed property account information to include all of the following:
a) The name of the apparent owner;
b) The complete last known address of the apparent owner as reported by the holder;
c) The relationship code, if any;
d) The type of property;
e) The cash value of the property;
f) The number of shares or items and the exchange ticket symbol or fund name if reported, if the property is securities or mutual fund shares;
g) The year that the property was reported to DOR;
h) The name and contact information of the holder; and
i) A general description of the safe deposit box contents and the liquidation amount, if applicable.
6. Allows a locator to:
a) Register with DOR in a form and manner determined by DOR; and
b) Pay a fee to DOR in an amount to be determined by DOR.
7. Requires the locator, on the registration application, to provide:
a) The locator's primary business address and telephone numbers; and
b) The name, telephone number and email address of the individual who will be the primary point of contact with DOR.
8. States that a locator is ineligible for registration if, within the immediately preceding ten-year period any of the following was convicted of a felony involving dishonesty, deceit, fraud or a breach of fiduciary duty:
a) The locator, if an individual;
b) The current officer or owner of the locator; if an entity; and
c) The current employee of the individual locator or entity locator that performs or directs locator services.
9. Provides that locator registration is valid for four years.
10. Allows the locator to renew its registration in a manner that is prescribed by DOR.
11. Requires DOR to determine the renewal and registration fee.
12. Requires the initial and renewal registration fees collected to be deposited in the Locator Registration Fund.
13. Prohibits a locator that receives unclaimed property account information from DOR from distributing that information to other locators or persons, other than the owner, for compensation.
14. Requires DOR to distribute the property or monies in accordance with a written agreement if:
a) An owner has entered into a written agreement that authorizes a registered locator to claim the unclaimed property on the owner's behalf; or
b) The owner has sold the right to claim the unclaimed property to a locator.
15. Establishes the Locator Registration Fund consisting on monies received from locator registration and renewal fees.
16. Requires DOR to administer the Locator Registration Fund.
17. Requires monies in the Locator Registration Fund to be used to monitor registered locators.
18. States that monies in the Locator Registration Fund are continuously appropriated.
19. Allows DOR to disclosed confidential information to a registered locator.
20. Allows DOR to disclose identity information for purposes of notifying persons who appear to be entitled to unclaimed property in the manner outlined for registered locators, rather than by published notice.
21. Modifies the definition of confidential information to mean social security numbers, tax identification numbers, dates of birth and holder account numbers in reports filed by holders of property presumed abandoned.
Agreement to Locate Property (Sec. 4)
22. Eliminates the language to render agreements to locate unclaimed property as void and unenforceable.
23. States that an agreement entered into by an owner with another person is enforceable if all of the following apply:
a) The agreement is written in at least 10-point type;
b) The agreement lists the unclaimed property account numbers being claimed;
c) The agreement describes the services to be performed;
d) The agreement is signed by the claimant; and
e) The agreement states the value of the property before and after the fee or other compensation has be deducted.
24. Prohibits fees or payments from exceeding 30 percent of the unclaimed property value unless recovery requires judicial determination of ownership.
25. States that an agreement is unenforceable if the compensation is more than 30 percent of the unclaimed property value.
Veteran Housing Trust Fund (Sec. 1)
26. Establishes the Veteran Housing Trust Fund.
27. Requires the Arizona Health Care Cost Containment System (AHCCCS) to administer the Veteran Housing Trust Fund.
28. States that the Veteran Housing Trust Fund consists of monies received from an allocation of monies deposited from unclaimed property and investment earnings.
29. Requires the State Treasurer, on notice from AHCCCS, to invest or divest monies in the Veteran Housing Trust Fund with monies earned to be credited to the Fund.
30. State that monies in the Veteran Housing Trust Fund are exempt from lapsing.
31. Allows an amount not to exceed 10 percent of the Veteran Housing Trust Fund monies to be appropriated annually by the legislature to AHCCCS for administrative costs in providing services relating to the Fund.
32. Requires Veteran Housing Trust Fund monies to be spent on approval of the director of AHCCCS solely for housing projects and rental assistance for homeless veterans.
33. Allows the Veteran Housing Trust Fund to be used for tiny home communities that are established specifically for homeless veterans.
34. Requires AHCCCS, for any construction project financed by AHCCCS, to:
a) Notify a city, town, county or tribal government that a project is planned for its jurisdiction; and
b) Seek comment from the governing body of the city, town, county or tribal government or an official authorized by the governing body, before proceeding.
35. Prohibits AHCCCS from interfering with or attempting to override the local jurisdiction's planning, zoning or land use regulations.
36. Requires AHCCCS, by September 1st of each year, to submit a report to the Governor, the President of the Senate, the Speaker of the House of Representatives and Secretary of State on the status of the Veteran Housing Trust Fund.
37. Requires the report to:
a) Include a summary of facilities for which funding was provided during the preceding FY;
b) Show the cost and geographic location of each facility and the number of individuals benefiting from the operation, construction or renovation of any facility; and
c) Include the number of individuals who benefitted from rental assistance.
Allocation of Unclaimed Property Revenues (Sec. 2)
38. Requires the first $3,000,000, rather than the first $2,000,000, of revenues from unclaimed property to be deposited each FY in the Seriously Mentally Ill Housing Trust Fund.
39. Requires the second $3,500,000, rather than the second $2,500,000, of revenues from unclaimed property to be deposited in the Housing Trust Fund.
40. Requires $1,000,000 of revenues from unclaimed property be deposited each FY in the Veteran Housing Trust Fund, after the required deposit into the DOR Administrative Fund.
Miscellaneous
41. Makes technical and conforming changes. (Sec. 2-4)
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SB 1081
Initials JT Page 0 Transportation
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