2005 Arizona Revised Statutes - Revised Statutes §44-313  Deposit of monies; definition

A. Except as otherwise provided in this section or section 44-314, the department shall deposit, pursuant to sections 35-146 and 35-147, in the state general fund all monies received pursuant to this chapter, including the proceeds from the sale of abandoned property pursuant to section 44-312, except that:

1. Thirty-five per cent of the monies shall be deposited in the housing trust fund established by section 41-3955.

2. Twenty per cent of the monies shall be deposited in the housing trust fund established by section 41-3955. These monies shall be used exclusively for the development of eligible and viable housing in rural areas and for the purposes authorized under the housing development fund established by section 41-3956.

3. Twenty per cent of the monies shall be deposited in the funds in the amounts provided in section 5-113, subsection A.

B. The department shall deposit monies from unclaimed shares and dividends of any corporation incorporated under the laws of this state in the permanent state school fund pursuant to article XI, section 8, Constitution of Arizona.

C. The department shall deposit monies from unclaimed victim restitution payments in the victim compensation and assistance fund established by section 41-2407 for the purpose of establishing, maintaining and supporting programs that compensate and assist victims of crime.

D. The department shall retain in a separate trust fund at least one hundred thousand dollars from which the department shall pay claims.

E. Before making the deposit, the department shall record the name and last known address of each person who appears from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary. The department shall also record the policy or contract number of each policy or contract of an insurance company that is listed in the report, the name of the company and the amount due. The department shall make the record available for public inspection during reasonable business hours.

F. Before making any deposit to the credit of the state general fund, the department may deduct, subject to legislative appropriation, administrative expenses in the following order of priority:

1. Any costs in connection with the sale of abandoned property.

2. Costs of mailing and publication in connection with any abandoned property.

3. Reasonable department service charges.

4. Costs incurred in examining records of holders of property and in collecting the property from those holders.

5. Lawful holder charges.

G. For the purposes of this section, "rural area" means either:

1. A county with a population of less than four hundred thousand persons.

2. A census county division with less than fifty thousand persons in a county with a population of four hundred thousand or more persons.