HB 2516 Arizona House · 57th Legislature - First Regular Session

unclaimed property; transfer; state treasurer

HB 2516 creates a new "State Treasurer Administrative Fund" to hold unclaimed property funds previously managed by the Department of Revenue. The bill transfers all remaining money from the old Department of Revenue Administrative Fund into this new fund, which the State Treasurer will use solely for their office's administrative costs. It does not change how unclaimed property is handled for owners or alter the definition of unclaimed property (covered in other sections of the law). The bill primarily reorganizes fund management between state offices.
Bill status passed 3 of 5 stages cleared
Introduction
Feb 2025
Committee Review
Mar 2025
House Passage
Feb 2025
Senate Passage
Governor
Introduced Feb 10, 2025 Last action Mar 10, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Introduced Version House Engrossed Version · 6 edits · Feb 20, 2025
MODERATE
This bill transfers unclaimed property monies from the Department of Revenue to the State Treasurer's administrative fund, repeals an old statute, and updates definitions and procedures for handling abandoned property. The changes clarify how funds are allocated, update the statute numbering for definitions, and modify how claims are processed and property is sold.
Scope change
The bill shifts administrative oversight of unclaimed property from the Department of Revenue to the State Treasurer, while maintaining the same overall scope of unclaimed property management.
FISCAL

Establishes a new State Treasurer Administrative Fund to receive monies from unclaimed property, replacing the previous Department of Revenue Administrative Fund.

Updates funding allocations in Section 44-313 to direct monies to the new State Treasurer Administrative Fund instead of the Department of Revenue Administrative Fund.

TECHNICAL

Repeals Section 42-1116.01, which established the Department of Revenue Administrative Fund for unclaimed property monies.

Changes formatting and markup from the introduced version to the engrossed version, including adding proper bill headers and removing editorial notes.

DEFINITION

Reorders and renumbers definitions in Section 44-301, fixing numbering errors where definitions were labeled with incorrect numbers (e.g., '6. 4.' instead of '4.').

REQUIREMENT

Updates references throughout the bill to change 'department' to 'department state treasurer' to reflect the new administrative structure.

Floor votes · House Feb 20, 2025

How they voted

3226
Passed · 2 other
Total votes 60
Feb 20, 2025
D Democratic27
26 Nay 1
96% Nay
R Republican33
32 Yea 1
96% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
9
Key actions
3
Committee
2
Mar 10, 2025
Upper · Passed
DP
upper
Feb 20, 2025
Lower · Passed
PASSED
lower
Feb 12, 2025
Lower · Passed
DP
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Justin Olson
Justin Olson
RRepublican
AZ
10