House Bill 415 Summary

• Enacts the Mississippi Uniform Unclaimed Property Act, designating the State Treasurer as administrator of unclaimed property and establishing presumption periods ranging from one to fifteen years depending on property type.

• Requires holders of abandoned property to file verified reports with the State Treasurer before November 1 each year, detailing property descriptions, owner information, and transaction dates.

• Establishes the Abandoned Property Fund and Abandoned Property Claims Payment Fund in the State Treasury to receive and hold abandoned property, with provisions for public sale of non-money property within three years.

• Allows property owners to file claims for abandoned property with the State Treasurer, with disputes resolved through administrative review or circuit court action within specified timeframes.

• Imposes penalties on holders who fail to report or deliver property, including twelve percent annual interest plus civil penalties up to $5,000 for negligent violations and up to $25,000 for willful violations, plus twenty-five percent of unreported property value.