Posted on Monday, 26th April 2010 by The Keane Organization
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Following Arizona unclaimed property law? Some late-breaking news for you:
On April 20, 2010, the Governor of Arizona signed HB 2453 into law.
This bill reverts the dormancy period for Arizona security and bond property back to a 3 year dormancy, up from 2 years.
The legislation reverses the recently enacted Senate Bill 1003 which reduced the dormancy period for most property types by one year.
SB1003 was a budget reconciliation bill enacted in a last ditch effort to get the delayed Arizona budget passed. Beyond the revenue the reduced dormancy periods would bring to the State, it appears that not much time was spent evaluating the other consequences of the bill.
It was only after its enactment that the conflicts became apparent. This is evidenced by the stated purpose for this HB 2453, which is to eliminate the conflict between the SEC rules and Unclaimed Property rules.
According to Arizona unclaimed property law, this bill does NOT take effect until July 20, 2010. As a result, it appears that the 2 year dormancy period will still be in effect when the one-time, catch-up report is filed on 6/1/10.
We will follow up with the Arizona Unclaimed Property Office on how they are going to handle this issue and will report back accordingly.
We will continue to track any changes regarding Arizona unclaimed property law — along with escheat law & legislation from around the US & internationally — in our quarterly unclaimed property newsletter, Keanotes.
Should you have any questions or require additional information, you may also contact me directly via email at dzumoff [at] keaneco.com.
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Posted in Escheat Law, Legislative Alerts, State Escheatment | Comments (0)
