SB 1738 Summary

• Increases the department revolving fund threshold from $200,000 to $700,000 before excess monies must be deposited into the department receivership revolving fund.

• Establishes a new fraud unit assessment fund to receive monies from insurers' annual assessments (up to $1,050 per insurer) for administering and operating the fraud unit, replacing the previous general fund appropriation method.

• Creates section 20-466.05 to establish the fraud unit assessment fund as continuously appropriated and administered by the Department of Insurance and Financial Institutions for fraud unit operations.

• Repeals Laws 2023, chapter 136, section 2 and amends section 4 to remove fiscal year 2023-2024 limitations on the microbusiness loan program and transfer any unexpended monies to the state general fund after June 30, 2025.

• Makes amendments to sections 20-466 and 6-135, Arizona Revised Statutes, effective June 30, 2025.