Arizona Revised Statutes § 6-1601 Financial Institutions Data Match And Data Exchange; Surrender Of Assets Of Delinquent Taxpayer; Nonliability

6-1601. Financial institutions data match and data exchange; surrender of assets of delinquent taxpayer; nonliability

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

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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Last modified: October 13, 2016