HB2242 Summary

• Amends unclaimed property law to redirect certain monies from general fund to specific trust funds: $2 million annually to seriously mentally ill housing trust fund, $2.5 million to housing trust fund, and $24.5 million to department of revenue administrative fund.

• Removes requirement that unclaimed shares and dividends from Arizona corporations be deposited in permanent state school fund.

• Requires unclaimed victim restitution payments to be deposited in victim compensation and assistance fund established by section 41-2407.

• Expands notice requirements for abandoned property to include quarterly publication on social media, radio, or other media outlets in addition to semiannual newspaper publication.

• Maintains separate trust fund requirement of at least $100,000 for paying claims and recording procedures for property holders' information.