SB 1300
Initials JH Page 1 Federalism, Military Affairs & Elections
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-seventh Legislature
First Regular Session
Senate: FIN DP 5-2-0-0 | 3
rd
Read: 18-11-1-0
SB 1300: unclaimed property; department of revenue
Sponsor: Senator Petersen, LD 14
Committee on Federalism, Military Affairs & Elections
Overview
Designates the property held by a committee or political action committee as abandoned after
one year of the committee's expiration and establishes requirements to claim this property.
History
Political Committees
A committee is a candidate committee, political action committee or a political party.
Candidates are required to register as candidate committees if the candidate receives
contributions or makes expenditures of at least $1,000 in connection with that candidacy, or
$500 if the candidate is a candidate for municipal office. A political party A political action
committee (PAC) is required to register as such if the entity is organized for the primary
purpose of influencing the outcome of an election and knowingly receives contributions or
makes expenditures of at least $1,000 in connection with any election during a calendar year
(A.R.S. §§ 16-901, 16-905).
Unclaimed Property
Laws 1956, Chapter 126 established the Uniform Disposition of Unclaimed Property Act to
provide a central repository where citizens can seek any lost property that belongs to them.
Unclaimed property is any intangible asset that is held, issued or owing in the ordinary
course of a holder’s business that has remained unclaimed by the owner for a statutory period
of time after it became payable or distributable. The original owner of the property can make
a claim, or their heirs, personal representatives if the estate is open or a beneficiary or co-
owner listed on the account (A.R.S. § 44-301, et seq.).
Provisions
1. Designates property held by a committee or PAC as abandoned one year after the
expiration of the committee if the property is not claimed by the rightful owner. (Sec. 1)
2. Authorizes the parent, spouse, sibling or child of the rightful owner of a committee or
PAC's abandoned property to claim the property for the rightful owner. (Sec. 1)
3. Reduces, from 90 days to 30 days after the claim is filed, the time period that the
Department of Revenue has to allow or deny an unclaimed property claim. (Sec. 2)
4. Defines committee and political action committee. (Sec. 1)
5. Makes technical changes. (Sec. 2)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note