HB 2564 Summary

• Requires court approval of employment contracts for unemancipated minors in Arizona counties where the minor resides, is employed, or where a party has its principal place of business, effective January 1, 2025.

• Mandates that 15 percent of a minor's gross earnings from artistic or creative services (actors, musicians, dancers, etc.) be set aside in a trust account established at an FDIC-insured financial institution within seven business days of contract execution.

• Establishes a parent or guardian as trustee of the trust account unless the court finds another individual or entity better serves the minor's interests, with withdrawal restrictions until the minor turns 18, becomes emancipated, or by court order.

• Requires the trustee to provide a written statement (under penalty of perjury) within ten business days of contract execution with complete account information and trust documentation to be shared with the employer, parent, guardian, and court.

• Allows trust funds to be held in savings accounts, transferred between institutions, or invested in broad-based index funds, government securities, certificates of deposit, or mutual funds maturing before the beneficiary reaches age 18.