Reporting Requirements

Thank you for taking the time to file your Unclaimed Property Report with the Arizona Department of Revenue. We have made every effort to create instructions that are informative and as user-friendly as possible. 

All businesses, except life insurance companies, are required to report and remit unclaimed property before November 1 of each year. Life insurance companies are required to report and remit before May 1 of each year. The verification period includes all abandoned property prior to June 30 but no later than July 1 of the previous year.

1 Check your records
2 Determine when to report
3 Contact owners
4 File your report
5 Keep good records

1. Check your records for unclaimed property to report.

Unclaimed property is a financial asset owed to an individual or business. Property is considered unclaimed when there has been no owner contact for a specified period of time, usually between one and three years.

When efforts by the holder (business) to locate the owner fail, the funds must be turned over to the Department of Revenue who is then responsible for safeguarding the funds, attempting to locate the owners, publicizing the names of apparent owners who cannot be located otherwise, and returning the assets to the owners as they come forward.

Arizona Unclaimed Property law is located in Arizona Revised Statutes, Title 44, Chapter 3, and can be found online at www.azleg.gov

 

Who must report unclaimed property? 

Any person or entity in possession of property (subject to the Unclaimed Property Law) which belongs to another, or who is trustee in case of a trust, or who is indebted to another person on an obligation subject to the Unclaimed Property Law, is deemed a holder of unclaimed property and must report that property to the state. All holders, whether located in Arizona or in other states, must report to the State of Arizona any unclaimed property they hold that is owed to Arizona residents.  Arizona domiciled businesses must also report all property where the owners name and address is unknown.  All business entities are responsible for filing reports on behalf of their branches, divisions or other affiliates, including:

  1. Banking and financial institutions including state or federally chartered banks, trust companies, savings banks, private bankers, savings and loan associations, credit unions and investment companies.
  2. Business associations wherever located, such as a corporation, joint stock company, business trust, partnership, proprietorship, cooperative, or other association for business purposes (including all insurance companies).
  3. Other legal entities including state, county and city governments, political subdivisions, public authorities, public corporations, estates, trusts or any other legal or commercial entity.

Information about other states and their unclaimed property reporting requirements can be accessed through the NAUPA (National Association of Unclaimed Property Administrators) website at www.unclaimed.org

 

What unclaimed property should be reported? 

Reportable items with respective property codes and dormancy periods are located in the NAUPA property type codes section of this booklet. Holders must report all unclaimed property that is owed to an Arizona resident or business. In addition, Arizona domiciled holders should report items to Arizona without an owner name or address and all unclaimed property where the last known address is in a foreign country.

  • Securities representing underlying shares, stock splits, bonds, etc., must be reported.
  • Safe Deposit Box contents that have been unclaimed by the owner for a period of three years after expiration of the lease must be reported.