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IN HB1090
Bill
Status
Engrossed
1/24/2018
Primary Sponsor
Charles Burton
Click for details
AI Summary
- Automatically renewable time deposits (like CDs) are considered matured at the end of their initial term for unclaimed property purposes, unless the owner consented to renewal
- Owner consent to renewal is now valid if given at the time of account opening, not just at the time of renewal
- Consent may be evidenced by the original account agreement, written documentation, or any memorandum or record on file with the holder
- Amends IC 32-34-1-20 regarding presumption of abandonment for various property types
- Effective July 1, 2018; passed Financial Institutions Committee 10-0
Legislative Description
Unclaimed property. Provides, for purposes of the unclaimed property act, that a time deposit that is automatically renewable is considered matured upon the expiration of its initial period, unless: (1) the owner has consented to a renewal at the time of the account opening or at about the time of the renewal; and (2) the consent is in writing or is evidenced by the original account agreement or by any memorandum or other record on file with the holder of the account. (Current law does not specify that the owner's consent to renewal can occur at the time of the
Last Action
First reading: referred to Committee on Insurance and Financial Institutions
2/1/2018
Committee Referrals
Insurance & Financial Institutions2/1/2018
Financial Institutions1/8/2018
Judiciary1/3/2018
Full Bill Text
No bill text available