housing trust fund; unclaimed property.

SB1590 - housing trust fund; unclaimed property.

Education Housing Taxes

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 effective date is not provided in the official source material.

SB1590: Changing How Unclaimed Property Money Is Spent

This bill changes Arizona law to direct specific amounts of unclaimed property money into housing funds, a mental health fund, the state revenue department, and other designated accounts.

What This Bill Does

Requires fifty-five percent of collected monies from abandoned property sales to go into the Housing Trust Fund.
Mandates that forty percent of the money deposited in paragraph one must be used only for developing eligible and viable housing in rural areas.
Directs the first $2,000,000 each year after other deposits into the Seriously Mentally Ill Housing Trust Fund.
Sends the next $24,500,000 of monies to the Department of Revenue Administrative Fund.
Requires unclaimed shares and dividends from Arizona corporations to go into the Permanent State School Fund.
Orders that records showing owner names and addresses be kept for public inspection during reasonable business hours.

Who It Names or Affects

The state department responsible for managing unclaimed property
Recipients of funds in the Housing Trust Fund, Seriously Mentally Ill Housing Trust Fund, Permanent State School Fund, and Victim Compensation and Assistance Fund

Terms To Know

Unclaimed Property: Money or items left behind by owners that the state holds until claimed.
Housing Trust Fund: A special account set aside to pay for building and supporting homes, including rural housing projects.

Limits and Unknowns

The bill does not state when these new rules will officially begin.
The text does not explain what happens if there is less than $24.5 million available to deposit in the revenue fund after other required deposits.
The source material does not define exactly which housing projects qualify as 'eligible and viable' for rural areas.

Bill History

2026-02-04 Senate
Senate second read
2026-02-03 Senate
Senate Rules: None
2026-02-03 Senate
Senate Government: None
2026-02-03 Senate
Senate Appropriations, Transportation and Technology: None
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