Arizona Escheat & Unclaimed Property Laws

The deadline for annual reporting and remittance in Arizona is October 31 for all holders, except life insurance companies, who must report by April 30. Early reporting is permitted with prior written approval from the Administrator.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Arizona’s unclaimed property laws and regulations. Holders reporting to Arizona are required to submit their reports electronically for reports that contain 11 or more properties. Written reports may be submitted for reports containing fewer than 11 properties.

Arizona Due Diligence Requirements

Arizona requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent each reporting cycle to the apparent owner at the last known address no less than 120 days prior to filing the report.

This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.

Arizona Voluntary Compliance Program

Arizona offers holders with past-due property a way to come into compliance through its Voluntary Compliance Program. Under this program, the holder agrees to report all items for the last 10 reporting years, and file on time in the future. The state agrees not to charge penalties or interest, and to indemnify the holder against claims on items reported. In order to qualify for this program, holders must not currently be under examination or audit.

Arizona Dormancy Periods

Dormancy periods in Arizona vary by property type. Generally, most property types have a three-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property.

Dormancy periods in Arizona for common property types include:

• Wages, Payroll or Salary: One year
• Safety Deposit Box Contents: Three years
• Money Orders: Three years

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