Official Summary Text
HB2872 - 572R - House Bill Summary
ARIZONA HOUSE OF REPRESENTATIVES
57th
Legislature, 2nd Regular Session
Majority Research Staff
HB
2872
: technical correction; statute of limitations
S/E:
child care subsidy fund
Sponsor:
Representative Weninger, LD 13
Committee
on Appropriations
Summary
of the Strike-Everything Amendment to HB 2872
Overview
Provides
for the distribution of proceeds from the sale of a forfeited digit asset and
creates the Child Care Subsidy Fund.
History
All property forfeited to the state must be transferred to
either the seizing agency or to the agency or political subdivision that
employs the attorney for the state. An agency that receives forfeited property
may: 1) sell, lease, lend or transfer the property to any local or state government
entity for use within the state; 2) sell the forfeited property by public or
otherwise commercially reasonable sale; 3) destroy or use any forfeited illegal
or controlled substances for investigative purposes on written approval of the
attorney of the state; 4) sell, use or destroy all forfeited raw materials,
products and equipment used or intended for use in manufacturing and processing
a controlled substance; 5) compromise and pay claims against forfeited
property; or 6) make any other disposition of forfeited property authorized by
law.
Proceeds from the sale of forfeited property by public means,
after payment of expenses of keeping and selling the property, are paid into
the Anti-Racketeering Revolving Fund. Sales of forfeited property are
prohibited from being made to any employee of the seizing agency, persons who
participated in the forfeiture, employees of a contractor selling the property
on behalf of the seizing agency or members of the immediate family of any of
these employees of persons (
A.R.S. �
13-4315
).
The Department of Economic Security is responsible for
establishing and administering child care services, which include child care
assistance to eligible families, consumer education to families and the public
that help families make informed decisions about child care options and
activities that improve the quality and availability of child care (
A.R.S. � 46-802
).
The federal Child Care and Development Fund (
CCDF
)
is administered by the Administration for Children and Families, Office of
Child Care. The CCDF provides funding to State, Tribal, and Territory Lead
Agencies to offer services to families through subsidized child care, to
oversee the regulation of child care providers and to implement activities that
improve the quality of child care. The purpose of the CCDF is to increase the
availability, affordability and quality of child care services. States, tribes
and territories receiving CCDF funds must prepare and submit to the federal
government a plan detailing how these funds will be allocated and expended.
Provisions
Forfeited
Digital Assets
1.
Authorizes
the governmental agency that receives forfeited digital assets to sell the digital
asset by public or otherwise commercially reasonable sale with expenses of
keeping and selling the digital asset and the amount of all valid interests
established by claimants, including court ordered restitution, paid out of the
proceeds of the sale. (Sec. 1)
2.
Specifies
that the first $300,000 from the sale of any forfeited digital asset be
deposited in the Anti-Racketeering Revolving Fund and any additional amounts be
divided by depositing 50% in the Anti-Racketeering Revolving Fund and the
remaining 50% in the Child Care Subsidy Fund. (Sec. 1)
3.
Specifies
the digital asset must be sold through state-approved cryptocurrency exchanges
or other secure platforms to ensure accurate valuation and transparency and may
remain in its native form. (Sec. 1)
4.
Provides
requirements for storing a digital asset that is forfeited by the Attorney
General. (Sec. 1)
Child
Care Subsidy Fund
5.
Establishes
the Child Care Subsidy Fund which consists of proceeds from the sale of
forfeited digital assets. (Sec. 2)
6.
Specifies
the Fund is administered by the Department of Economic Security for providing
child care subsidies to individuals. (Sec. 2)
7.
Adds that
monies in the Fund are continuously appropriated and exempt from lapsing. (Sec.
2)
Miscellaneous
8.
Defines
digital
asset.
(Sec. 1)
9.
Makes
technical changes. (Sec. 1)
10.
11.
12.
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13.
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2872
14.
2/20/2026� Page 0 Appropriations
15.
16.
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Current Bill Text
Read the full stored bill text
HB2872 - 572R - I Ver
REFERENCE TITLE:
technical correction; statute of limitations
State of Arizona
House of Representatives
Fifty-seventh Legislature
Second Regular Session
2026
HB 2872
Introduced by
Representative
Weninger
AN
ACT
amending section 47-5115, Arizona Revised
Statutes; relating to letters of credit.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 47-5115, Arizona Revised
Statutes, is amended to read:
START_STATUTE
47-5115.
Statute of limitations
An action to enforce a right or obligation arising under this
article
chapter
must be commenced within
one year after the expiration date of the relevant letter of credit or one year
after the cause of action accrues, whichever occurs later. A cause
of action accrues when the breach occurs, regardless of the aggrieved party's
lack of knowledge of the breach.
END_STATUTE