AR HB1427

Amends Arkansas Code § 18-28-212(b) to allow the State Auditor to sell securities upon receipt from holders, rather than waiting three years before selling them.

Changes claim provisions so persons claiming securities within three years receive either the proceeds from sale or market value at claim time (whichever is greater), plus dividends and interest, less expenses.

Persons claiming securities after three years receive either the original securities if still held by the administrator or net proceeds from sale, with no entitlement to appreciation occurring after delivery to the administrator except in cases of intentional misconduct.

Eliminates the ability to bring legal actions against the state, administrator, holder, securities transfer agent, auctioneer, or their agents for any appreciation or depreciation in security values after delivery to the administrator.

Declares an emergency effective upon Governor's approval, finding that allowing immediate liquidation of securities will reduce costly management fees and allow the state to invest proceeds for greater financial returns.