AZ SB1412

Adds Arizona Revised Statutes section 10-2071 to establish that patronage capital credit retirement payments or fee payments from a cooperative remaining unclaimed for two years are considered unclaimed capital credits or fees.

Exempts unclaimed capital credits and fees from Arizona's unclaimed property laws (Title 44, Chapter 3) and allows cooperatives to retain, use, or assign them for any lawful purpose consistent with the cooperative's bylaws and board direction.

Requires cooperatives to pay verifiable unclaimed capital credit or fee claims from members or former members regardless of when the credit or fee originated.

Mandates cooperatives maintain a searchable website list containing names, last known addresses, and claim instructions for members or former members with unclaimed capital credits or fees of $50 or more, including records from December 31, 2001 forward.

Amends section 44-321 to add restrictions preventing individuals or organizations from using amendments or agreements to divert unclaimed property into income or circumvent the unclaimed property process.