Posted on Thursday, 3rd December 2009 by Keane Unclaimed Property Team
This post is to advise that on 11/23/09, the Arizona Legislature passed SB 1003 reducing dormancy periods for purposes of unclaimed property reporting.
The new legislation reduces dormancy periods for all property types by one year, except the dormancy period for travelers checks will be reduced from 15 to 3 years (an amendment is pending to revert back to 15) and the dormancy period for money orders is to be reduced from 7 to 3 years.
As a result, the following property types have a will have a three year dormancy period: Money orders, demand, savings or time deposits, credits owed to a customer as a result of a business transaction, proceeds from life insurance, checks and cashier’s checks, traveler’s checks and “all other property.”
The following property types will have a two-year dormancy period: Stock, principal on debt, dividends and IRAs.
The new legislation also calls for a one-time, “catch-up” holder report to be filed before June 1, 2010 and should cover the last twelve months before July 1, 2009. This report should be marked, “2009 SUPPLEMENTAL REPORT”. Due diligence is required prior to 90 days before the report is filed. No extensions will be granted.
A SECOND REPORT in 2010 is to be filed November 1st and shall include property presumed abandoned as of June 30, 2010.
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