Finally, according to the Department of Revenue, the Department has returned 35 percent of the unclaimed property that escheats to the state to its rightful owner. Retains the current Arizona five year time limit for property not specifically classified in the 1995 Act. Even if property is unclaimed, it is still payable to the rightful owner. Current law limits the holder s ability to impose charges only on travelers checks and certain other negotiable instruments. Requires the Unclaimed Property Section in the Department of Revenue to publish a list of abandoned assets once a year.
Current law requires the list to be published twice a year.
However, if a holder excludes from a report an amount of property greater than 25 percent of the amount properly included in the report, then the statute of limitations is six years. Provides for an administrative hearing process for contested cases and a process to appeal agency actions. Defines property as tangible personal property in a safe deposit box and a fixed interest in intangible property held by a government or business. Excludes from the definition of property any de minimus property, gift certificates, electronic gift cards, nonrefundable tickets, prepaid phone cards, frequent flyer miles, stored value cards and merchandise points. Allows an unclaimed property holder to elect to annually report any unclaimed property contemporaneously with income tax filings.