HB 73 Summary

• Enacts the Mississippi Uniform Unclaimed Property Act, establishing the State Treasurer as administrator of unclaimed property in the state.

• Establishes presumption periods for abandonment ranging from 1 to 15 years depending on property type (e.g., demand deposits 5 years, wages 1 year, travelers checks 15 years).

• Requires holders of abandoned property to file verified reports with the administrator by November 1 each year and transfer property to the state; holders relieved of liability upon good faith payment to administrator.

• Creates the Abandoned Property Claims Payment Fund to receive transferred funds and authorizes the administrator to sell property within 3 years, with owners able to claim proceeds or property plus interest and dividends.

• Establishes civil penalties of $200-$1,000 per day (up to $5,000-$25,000 maximum) plus 12% annual interest for holders who fail to report or deliver property, and repeals prior unclaimed property law (Sections 89-12-1 through 89-12-57).