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GA HB1352
Bill
Status
3/4/2022
Primary Sponsor
Vance Smith
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AI Summary
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Requires the commissioner to retain original wills, codicils, trust instruments, and amendments found in abandoned safe-deposit boxes, and establishes procedures for delivering these documents to testators, settlors, probate courts, or trustees upon presentation of competent evidence of identity or death
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Creates a formal registration system for "claimant's designated representatives" who assist in recovering unclaimed property, requiring a $1,200 registration fee (with four-year terms), a criminal background check, and disqualifying anyone convicted of a felony involving dishonesty within the preceding ten years
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Caps compensation for claimant's designated representatives at 30 percent of the unclaimed property's value, replacing the prior 10 percent cap and the blanket prohibition on direct payment to representatives, while exempting Georgia-licensed attorneys and corporate representatives from the registration requirement
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Requires the commissioner to maintain electronic copies of all unclaimed property records indefinitely, replacing the prior authority to destroy records after seven years, and deems certified electronic copies as originals under state evidence law
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Sets a floor for the commissioner's administrative expenses at not less than 1 percent of funds deposited annually and explicitly defines social security numbers, federal tax identification numbers, and holder account numbers as confidential information
Legislative Description
Property; provide for handling of certain wills
Last Action
Senate Tabled
4/1/2022