A. Financial institutions may enter into agreements with the department of revenue for data match and data exchange as prescribed by section 42-1207.

Terms Used In Arizona Laws 6-1601

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
  • Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215

B. On receipt of a notice of levy, a financial institution shall encumber or surrender, as appropriate, assets held by the financial institution on behalf of a delinquent taxpayer. If the financial institution receives two notices of levy on the same day for the same person, a levy issued to collect child support pursuant to section 25-521 has priority over a levy issued pursuant to this section.

C. Notwithstanding any other law, a financial institution is not subject to civil liability for either:

1. Disclosing to the department of revenue or its agent a person’s financial record pursuant to section 42-1207 or any acts of omission that are inadvertent and made in good faith.

2. Encumbering or surrendering any assets held by the financial institution in response to a notice of levy that is issued by the department of revenue or for any action taken in good faith to comply with this section.

D. The remedy under subsection B of this section is limited to collection of delinquent taxes, penalties and interest.

 

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