IN SB0172

Amends Indiana's Unclaimed Property Act (IC 32-34-1-20) to clarify that an owner's failure to make a deposit or withdrawal from a bank account does not by itself render the account inactive for purposes of determining abandoned property

Protects bank account holders from having their accounts classified as abandoned solely due to inactivity, subject to any written agreement between the bank and account owner

Effective date of July 1, 2013

Referred to the Senate Committee on Financial Institutions on January 7, 2013