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HI SB2321

Bill

Status

Passed

7/3/2014

Primary Sponsor

Michelle Kidani

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Origin

Senate

2014 Regular Session

AI Summary

  • Adds a ten-year time limitation for claiming unclaimed property funds totaling less than $100 from the unclaimed property trust fund, effective July 1, 2014.

  • For funds deposited on or before June 30, 2014, the ten-year claiming period begins July 1, 2014; for funds deposited after that date, the period begins on the deposit date.

  • Claims for funds under $100 filed more than ten years after deposit into the trust fund are void and funds escheat to the State's general fund.

  • Modifies sections 523A-14 and 523A-15 to make claims by other states and claimants subject to the new time limitation period established in section 523A-19(c).

  • Maintains existing ten-year limitation period for the administrator to enforce unclaimed property reporting and delivery requirements, with tolling provisions for reports and disputed property.

Legislative Description

Unclaimed Property; Unclaimed Property Trust Fund; Periods of Limitation

Last Action

Act 184, 7/1/2014 (Gov. Msg. No. 1287).

7/3/2014

Committee Referrals

Finance3/6/2014
Ways and Means1/21/2014

Full Bill Text

No bill text available