AR HB1428

Amends Arkansas Code § 18-28-213(a) to allow unclaimed property funds to be transferred from financial institutions into the State Treasury Money Management Trust for investment purposes.

Amends Arkansas Code § 18-28-403(a)(1)(C) to allow abandoned mineral proceeds funds to be similarly transferred into the State Treasury Money Management Trust.

Adds new subsection to Arkansas Code § 19-3-603 authorizing the Auditor of State to invest unclaimed property funds subject to the Unclaimed Property Act in the State Treasury Money Management Trust.

Declares an emergency clause finding that current law prevents the Auditor of State from depositing unclaimed property funds for investment, resulting in minimal interest accrual, and that investment authority will generate greater financial returns for the state.

Effective upon Governor approval, expiration of veto period, or veto override by both houses, with approval dated March 6, 2019.