AZ SB1497

Amends Arizona Revised Statutes Section 44-313 regarding the deposit of unclaimed property monies held by the state.

Redirects 55% of unclaimed property monies to the housing trust fund established by Section 41-3955, with 40% of that amount designated exclusively for development of eligible housing in rural areas.

Maintains deposit of first $2,000,000 annually into the seriously mentally ill housing trust fund established by Section 41-3955.01.

Continues deposit of next $24,500,000 annually into the department of revenue administrative fund established by Section 42-1116.01.

Retains minimum of $100,000 in a separate trust fund for the department to pay claims from unclaimed property.