AR HB1782

Reduces presumption of abandonment timeframes for several property types from 5 years to 3 years, including business debts, demand/savings/time deposits, retail business credits, and general property categories.

Reduces presumption of abandonment period for unclaimed mineral proceeds from 5 years to 3 years after funds became payable or distributable.

Requires holders of mineral proceeds to establish escrow accounts for unknown or unlocated recipients and maintain separate records for each deposit and withdrawal.

Mandates annual reporting of escrow accounts to the Auditor of State and Oil and Gas Commission, including property owner information, legal descriptions, and account details.

Requires reports on abandoned mineral proceeds to be submitted to the Auditor of State in an electronic format approved by the Auditor of State, with funds deposited into the Abandoned Mineral Proceeds Trust Fund.