Are you interested in cost risks of unclaimed property compliance in Arizona?
Here you will find valuable knowledge pertaining to Arizona State escheat and unclaimed property laws.
Should there be a specific question that we fail to answer here, we’re ready and willing to provide our insight. To submit your inquiry and get more information, fill out this brief form below or get in touch directly with the Arizona Unclaimed Property Unit.
Aspects of Arizona Unclaimed Property and Escheatment Law
Listed here are several aspects of Arizona unclaimed property and escheatment law to keep in mind in order to avoid interest and penalties:
- Failure to pay or deliver property in the proper time period (scroll down) results in interest at 1.5% per month or fraction of a month from the date which the property should have been paid or delivered.
- The end result of failure to pay or deliver property altogether is a civil penalty of 25% of the value of abandoned property.
- If no report is submitted, there will be a $100 fee each day late up to $5,000.
Recent Adjustments to Arizona Escheatment Law
Unclaimed property laws in Arizona have been subject to some changes recently:
- On December 23, 2009, SB 1003 went into effect and shortened many of the dormancy periods enumerated in the Arizona Unclaimed Property Act.
- On April 23, 2010, HB 2111 was signed to revert the dormancy period for traveler’s checks back to 15 years.
- Effective July 20, 2010, the HB 2453 will return the dormancy period for securities property from the recently passed 2 year dormancy period to 3 years. Bond property dormancy period will remain at 2 years, but the interest on that debt changes to 3 years.
Other Links & Resources
Contact Information for Delaware State Bureau of Unclaimed Property
Department of Revenue
Unclaimed Property Unit
PO Box 29026
Phoenix, AZ 85038-9026
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