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.
3. Contact owners to return their property.
Arizona Unclaimed Property law requires that prior to 120 days before the holder of property that is presumed abandoned files their report, the holder shall send a written notice to the apparent owner that states that the holder is in possession of the property if all of the following apply:
- The holder has an address in the holder's records for the apparent owner and the records do not indicate that the address is inaccurate.
- The claim of the apparent owner is not barred by any other law of this state.
- The value of the property is at least fifty dollars.
Sample Due Diligence Letter