Arizona Laws 44-307. Report of abandoned property
A. A holder of property that is presumed abandoned shall make a report to the department concerning the property.
Terms Used In Arizona Laws 44-307
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Apparent owner: means a person whose name appears on the records of a holder as the person entitled to property held, issued or owing by the holder. See Arizona Laws 44-301
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Department: means the department of revenue. See Arizona Laws 44-301
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Holder: means a person who is obligated to hold for the account of or deliver or pay to the owner property that is subject to this chapter. See Arizona Laws 44-301
- Insurance company: means an association, corporation or fraternal or mutual benefit society or organization, whether for profit or not for profit, that is engaged in the business of providing life endowments, annuities or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection and workers' compensation insurance. See Arizona Laws 44-301
- Money order: includes an express money order and a personal money order on which the remitter is the purchaser. See Arizona Laws 44-301
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Owner: means a person who has a legal or equitable interest in property that is subject to this chapter or the person's legal representative. See Arizona Laws 44-301
- Person: means an individual, business association, financial organization, estate, trust, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Arizona Laws 44-301
- Property: means tangible property pursuant to section 44-303 or a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder's business or by a government, governmental subdivision, agency or instrumentality and all income or increments from that property. See Arizona Laws 44-301
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession that is subject to the jurisdiction of the United States. See Arizona Laws 44-301
B. The report shall be verified and shall contain all of the following:
1. A description of the property.
2. Except for a traveler’s check or money order, the name, if known, the last known address, if any, and the social security number or taxpayer identification number, if readily ascertainable, of the apparent owner of property with a value of at least fifty dollars.
3. An aggregate amount of items with a value of less than fifty dollars each.
4. For an amount of at least fifty dollars held or owing under an annuity or a life or endowment insurance policy, the full name and last known address of the annuitant or insured and of the beneficiary.
5. For property held in a safe deposit box or any other safekeeping depository, an indication of the place where it is held and where it may be inspected by the department and any amount owing to the holder.
6. The date, if any, on which the property became payable, demandable or returnable and the date of the last transaction with the apparent owner of the property.
7. Other information that the department by rule deems necessary for the administration of this chapter.
C. If a holder of property that is presumed abandoned is a successor to another person who previously held the property for the apparent owner or the holder has changed the holder’s name while holding the property, the holder shall file with the report the holder’s former names, if any, and the known names and addresses of all previous holders of the property.
D. A life insurance company that is a holder of property that is presumed abandoned shall file the report prescribed by this section before May 1, and the report shall cover the prior calendar year. Any other holder of property that is presumed abandoned shall file the report before November 1 and the report shall cover the last twelve months before July 1 of that year. A holder may make a onetime election to annually report the property at the same time it reports its income for the purposes of income tax pursuant to title 43.
E. Prior to one hundred twenty days before the holder of property that is presumed abandoned files the report prescribed in this section, the holder shall send a written notice to the apparent owner that states that the holder is in possession of the property subject to this chapter if all of the following apply:
1. The holder has an address in the holder’s records for the apparent owner and the records do not indicate that the address is inaccurate.
2. The claim of the apparent owner is not barred by any other law of this state.
3. The value of the property is at least fifty dollars.
F. Before the date for filing the report, the holder of property that is presumed abandoned may request the department to extend the time for filing the report. The department may grant the extension for good cause. On receipt of the extension, the holder may make an interim payment on the amount the holder estimates will ultimately be due and that payment terminates the accrual of additional interest on the amount paid.
G. If the laws of this state or the terms of the life insurance policy require the insurance company to give notice to the insured or owner that any automatic premium loan provision or other nonforfeiture provision has been exercised and the notice given to an insured or owner whose last known address according to the company’s records is in this state is undeliverable, the company shall make a reasonable search to ascertain the policyholder’s correct address to which the notice must be mailed.
H. State agencies that hold monies for the payment of void warrants shall report to the department in a format prescribed by the department all warrants voided in the previous month not later than the tenth day of each month.
I. A county treasurer holding excess proceeds that are presumed abandoned pursuant to sections 33-812 and 44-302 shall file the report prescribed by this section on or before November 1. The report shall cover the prior fiscal year and include a copy of all documentation filed with the county treasurer.