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SB1590 • 2026

housing trust fund; unclaimed property.

SB1590 - housing trust fund; unclaimed property.

Housing
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Lela Alston, Janeen Connolly
Last action
2026-02-04
Official status
Senate second read
Effective date
Not listed

Plain English Breakdown

The bill summary and digest do not provide specific details about how other state funds will be affected, leaving this as an open question.

Housing Trust Fund; Unclaimed Property

This bill changes how unclaimed property money is deposited into different funds in Arizona, with a larger portion going to the housing trust fund and specific allocations for rural housing development and seriously mentally ill housing.

What This Bill Does

  • Changes the way money from unclaimed property is deposited into different funds in Arizona.
  • Requires that fifty-five percent of unclaimed property money goes into the housing trust fund.
  • Specifies that forty percent of the monies deposited for rural housing development must be used exclusively for building homes in rural areas.
  • Sets aside two million dollars each year to go into a seriously mentally ill housing trust fund.

Who It Names or Affects

  • People who have unclaimed property in Arizona.
  • The state government and agencies that manage funds like the housing trust fund.

Terms To Know

Housing Trust Fund
A special fund used to help build affordable homes, especially for people with low income or disabilities.
Unclaimed Property
Money and other assets that belong to someone but have not been claimed by them after a period of time.

Limits and Unknowns

  • The bill does not specify what happens if there is less than two million dollars available for the seriously mentally ill housing trust fund.
  • It's unclear how this change will affect other state funds that receive unclaimed property money.

Bill History

  1. 2026-02-04 Senate

    Senate second read

  2. 2026-02-03 Senate

    Senate Rules: None

  3. 2026-02-03 Senate

    Senate Government: None

  4. 2026-02-03 Senate

    Senate Appropriations, Transportation and Technology: None

  5. 2026-02-03 Senate

    Senate first read

Official Summary Text

SB1590 - housing trust fund; unclaimed property.

Current Bill Text

Read the full stored bill text 
SB1590 - 572R - I Ver

REFERENCE TITLE:
housing trust fund; unclaimed property.

State of Arizona

Senate

Fifty-seventh Legislature

Second Regular Session

2026

SB 1590

Introduced by

Senator
Alston: Representative Connolly

AN
ACT

amending section 44-313, Arizona
Revised Statutes; relating to unclaimed property.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Section 44-313, Arizona Revised
Statutes, is amended to read:

START_STATUTE
44-313.

Deposit of monies

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. Fifty-five percent of the
monies shall be deposited in the housing trust fund established by section 41-3955. Forty
percent of the monies deposited pursuant to this paragraph must be used
exclusively for developing eligible and viable housing in rural areas.

1.

2. After
the deposit of monies made pursuant to paragraph 1 of this subsection,
the
first
two million dollars

$2,000,000

of the monies shall be deposited each fiscal year in the seriously mentally ill
housing trust fund established by section 41-3955.01.

2. The second two million five hundred
thousand dollars of the monies shall be deposited in the housing trust fund
established by section 41-3955.

3. The next
twenty-four million
five hundred thousand dollars

$24,500,000
of the
monies shall be deposited each fiscal year in the department of revenue
administrative fund established by section 42-1116.01.

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

$100,000

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.
END_STATUTE