HB4242 Summary

• Requires property holders to use certified mail for at least one communication to owners at their last known address regarding abandoned property under the Uniform Disposition of Unclaimed Property Act.

• Establishes a 45-day advance notice process before property can be reported and remitted, requiring holders to notify the State Treasurer of abandoned property.

• Mandates the State Treasurer share holder-provided information with the Department of Revenue, which must attempt to locate property owners using its databases.

• Requires the State Treasurer to send first class mail notice to located owners informing them their property is subject to remittance and how to contact the holder to retrieve it.

• Authorizes the State Treasurer to adopt rules implementing these new procedures for abandoned property notification and owner location.