HB 188 Summary: Revised Unclaimed Property Act

• Repeals the existing unclaimed property law (Chapter 5, Title 14) and replaces it with the Revised Unclaimed Property Act, effective July 1, 2023.

• Establishes comprehensive presumptions of abandonment for various property types (deposits, securities, insurance proceeds, safe deposit boxes, stored value cards) with specific time periods ranging from 1 to 15 years.

• Creates detailed reporting and notice requirements for property holders, including mandatory filings with the state treasurer and notification to apparent owners at least 60 days before property is reported as abandoned.

• Grants the state treasurer (administrator) authority to examine records of holders, determine liability for unreported property, and pursue enforcement actions including civil penalties up to $25,000 plus 25% of unreported property value.

• Establishes procedures for owners to claim property held by the administrator, including a 90-day decision timeline on claims and appeal rights, while designating unclaimed property for distribution to the public school permanent endowment fund and state general fund.