Loading chat...
AL SB72
Bill
Status
2/5/2013
Primary Sponsor
J.T. Waggoner
Click for details
AI Summary
SB72 Summary
-
Requires holders of abandoned property to file reports electronically with the State Treasurer with limited exceptions as established by rule.
-
Allows all deposit products to be treated equally regarding abandonment and permits all state-issued payment instruments to be remitted to unclaimed property upon expiration.
-
Permits surviving parents to claim abandoned property from a child who died intestate, in addition to surviving spouses and children.
-
Protects holders from liability when remitting property in good faith to the Treasurer and protects the state when receiving abandoned property.
-
Establishes consumer protections by voiding agreements to locate or recover abandoned property entered within 24 months of abandonment, unless with an attorney, and limits total compensation to no more than 10 percent of claimed property value.
Legislative Description
Unclaimed property, holders of abandoned property required to file reports with State Treasurer electronically, exceptions, parent of deceased child authorized to claim property, consumer protection measures for property claimed through third party, Secs. 35-12-72, 35-12-76, 35-12-77, 35-12-79, 35-12-84, 35-12-86, 35-12-93 am'd.
Abandoned Property
Last Action
Banking and Insurance first Amendment Offered
5/7/2013