Unclaimed Property in Arizona Laws and Regulations

Work with the proper authorities to turn over AZ unclaimed property

Millions of dollars worth of unclaimed assets wind up at the Arizona unclaimed property assistance office every year. An account holder moves, a pensioner passes away, gift certificates get mislaid. After some time has passed and contact is lost with the rightful owner, the property is turned over as unclaimed. As a business owner, you'll need to educate yourself on the laws and regulations as well as your responsibility for turning over that property to the state.

Unclaimed property in Arizona laws and regulations read similar to unclaimed property laws in other states. Every step of the recovery process is detailed by law, from how long property must go unclaimed for it to be considered abandoned to the time limit for claiming property. Consider the following:

1. Businesses must report Arizona unclaimed assets before November 1st for the fiscal year ending that same year.

2. A business must maintain records on Arizona unclaimed land and other assets for five years after the property is reported as unclaimed or three years for money orders or other financial documents.

3. Failure to comply with Arizona escheatment yields penalties under the law.

Find a general overview of Arizona unclaimed property rules

The agency you will report the unclaimed property to, the Arizona Department of Revenue, is a great place to start. From there you can find out more about your obligations, the laws and regulations put in place and the civil penalties that can incur. They can also supply you with the forms you need.
Arizona Department of Revenue.

Check out the Arizona escheat rules on electronic reporting, disposal

As a holder, it will be helpful to know other facets of unclaimed property regulations. Electronic reporting the unclaimed property may be more efficient for your business especially if you turn over a large volume of unclaimed assets each year. What happens to the property once it is turned over to the state? There's another set of laws that dictate when and how officials can sell the property.
Arizona Unclaimed Property Division. This statute listed through the Arizona State Legislature details disposal of unclaimed property.

Research court cases that impacted Arizona escheated property laws

Dating back to the 1860s, there were disputes over abandoned property. Court case decisions helped form policies and eventually lead to the forming of modern unclaimed property law.