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AR SB454
Bill
Status
4/7/2025
Primary Sponsor
Ricky Hill
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AI Summary
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Creates the Unclaimed Property Interest Trust Fund to hold interest earned from investing unclaimed property funds, separating state-owned interest from privately-owned principal held in the Unclaimed Property Proceeds Trust Fund
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Requires the administrator to transfer $18,000,000 annually from funds held for at least three years to general state revenues, after deducting State Central Services Fund reimbursements
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Establishes priority uses for the new Interest Trust Fund: first to reimburse the State Central Services Fund for administrative costs, second to repay any prior-year liabilities to the Unclaimed Property Proceeds Trust Fund
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Authorizes the Auditor of State to invest unclaimed property funds in the State Treasury Money Management Trust, with interest earnings deposited into the new Interest Trust Fund
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Declared an emergency effective July 1, 2025, to address growing unfunded liabilities created by current fund transfer practices
Legislative Description
To Amend The Law Concerning Unclaimed Property Funds; To Amend The Law Concerning The Deposit And Investment Of Unclaimed Property Funds; To Create The Unclaimed Property Interest Trust Fund; And To Declare An Emergency.
Last Action
Notification that SB454 is now Act 430
4/7/2025