Rule detail : 251586

AZ LEG Uniform Special Deposits Act

Published on: Apr 23, 2025

AZ LEG enacted bill SB 1206, to add new article to AZ FIN 6-2-5.1, Special deposits.
Adopts Uniform special deposits act, to establish legal framework for special deposits.
Bill Provisions
Governs deposits made with a specific beneficiary designated upon a contingency.
Special deposits must serve at least one permissible purpose, as in account agreement
These deposits held by the bank and are payable once defined event/condition occurs.
Outlines the bank's responsibilities and permissible purposes for these special deposits.
Details enforceability of creditor process and the termination of special deposits.
Legislative History
On Jan. 23, 2025, bill introduced in Senate; on Feb. 25, 2025, bill passed in Senate.
On Feb. 26, 2025, bill introduced in House; on Apr. 15, 2025, bill passed in House.
On Apr. 16, 2025, bill sent to governor; on Apr. 18, 2025, governor signed, Ch. 63/
Effectiveness
90 days after legislature adjourns sine die; expected Apr. 26, 2025, so Jul. 25, 2025.

Regulators

AZ LEG

Entity Types

Bank; CU; Fiduciary; Thrift

Reference

Ch. 63, Bill SB1206, 4/18/2025; Citation: AZ FIN 6-2;

Functions

Compliance; Financial; Legal; Operations; Product Administration

Countries

United States of America