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AR HB1583
Bill
Status
Passed
3/23/2011
Primary Sponsor
Tim Summers
Click for details
AI Summary
- Amends Arkansas Code § 18-28-213(c) to modify how unclaimed property funds are distributed after being held for 3 years
- Requires the administrator to transfer unclaimed funds collected from each county to that county's treasurer at least once per fiscal year, with funds deposited into the county's general fund for any county purpose
- Releases the state from indemnity obligations to counties after funds are returned, but requires counties to maintain accounting of funds indefinitely unless a valid claim is paid
- Allows rightful owners, heirs, or assignees to petition counties for return of funds upon providing proof of ownership as determined by a court of competent jurisdiction
- Requires the administrator to transfer all remaining unclaimed funds held for 3 years to state general revenues at least once per fiscal year, minus amounts required for the State Central Services Fund
Legislative Description
To Amend The Law Concerning Unclaimed Property.
Last Action
House Notification that HB1583 is now Act 616
3/23/2011
Committee Referrals
City, County & Local Affairs3/10/2011
City, County and Local Affairs2/24/2011
Full Bill Text
No bill text available