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HI SB2321
Bill
AI Summary
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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.
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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.
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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.
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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).
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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