special deposits; banks; requirements; definitions
SB 1206 establishes a legal framework for "special deposits" in Arizona, defining them as deposits held under specific account agreements for the benefit of multiple beneficiaries (including the depositor). It requires written agreements outlining contingencies (events triggering payments), clarifies when banks must pay beneficiaries (after a contingency occurs and the bank knows about it), and sets rules for modifying agreements without beneficiary consent. This primarily affects banks, depositors creating these accounts (e.g., for escrow, security deposits, or retirement funds), and beneficiaries. The law ensures clarity on payment obligations while limiting how agreements can be changed, aiming to prevent disputes over these specialized financial arrangements.
Bill status
signed
all 5 stages cleared
Introduction
Jan 2025
Committee Review
Mar 2025
Senate Passage
Feb 2025
House Passage
Apr 2025
Signed into Law
Apr 2025
Introduced Jan 23, 2025
Signed Apr 18, 2025
Maddy AI version diff · 2 comparisons
What changed between versions
Senate Engrossed Version
→
Chaptered Version
·
3 edits
MINOR
The bill was formatted and finalized into Chapter 63, adding new legal protections for special deposits in Arizona banks. The substantive text of the bill remains largely unchanged, with minor formatting adjustments and the addition of official approval dates.
Scope change
The bill's scope remains unchanged; it still applies to special deposits in Arizona banks regardless of where parties or transactions are located.
TECHNICAL
Added official chapter number (Chapter 63) and approval dates (Governor approved April 18, 2025; filed April 21, 2025) to finalize the bill as law.
Adjusted formatting and capitalization throughout the document to match standard legislative chapter format.
Added END_STATUTE markers at the end of each article section to indicate the end of statutory text.
Floor votes · Senate Feb 26, 2025 · House Apr 15, 2025
How they voted
29–0
Passed · 1 other
Total votes 30
Feb 26, 2025
D
Democratic13
92% Yea
R
Republican17
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
15
Key actions
7
Committee
1
Amendments
2
Apr 18, 2025
Signed into law
Signed by Governor
executive
Apr 15, 2025
Lower · Passed
PASSED
lower
Apr 9, 2025
Lower · Passed
DP
lower
Mar 11, 2025
Lower · Passed
DP
lower
Feb 26, 2025
Upper · Passed
PASSED
upper
Feb 25, 2025
Upper · Passed
DPA
upper
Feb 10, 2025
Upper · Passed
DPA/SE
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Shawnna Bolick
RRepublican
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