Leawood, Kan. – July 17, 2026: The Arizona Legislature, with the approval of the Arizona Governor, have enacted Senate Bill 1366 (“SB 1366”) that amends the Arizona Unclaimed Property Law to remove the section that specifically exempts certain types of properties, including gift cards, from escheat. S.B. 1336, 57th Leg., 2nd Reg. Sess. (Ariz. 2026).
SB 1366 removes the exemption specified in the unclaimed property act. Specifically, it removes the exemptions for “de minimis property, property of a person who is maintaining a current business relationship with the holder, monies collected pursuant to §46-441 and property that is referred to or evidenced by gift certificates, electronic gift cards, nonrefundable tickets, certificates evidencing property denominated in value other than a currency, including prepaid phone cards, frequent flyer miles, stored value cards and merchandise points.” Id. at §23(17). As a result, it seems that gift cards and other stored value cards, under SB 1366, are now subject to escheat.
SB 1366 does not specify an effective date for the unclaimed property section. In Arizona, legislation that does not specify an effective date typically takes effect ninety days following the adjournment of the session. See, A.R.S. Const. Art. 4, Pt. 1 § 1. Under that application, the effective date for SB 1366 is understood as September 12, 2026. See, https://azdeq.gov/legislative-affairs.
To read Arizona Bill 1366 click here: Arizona Senate Bill 1366.
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