House Bill 249 Summary

• Enacts the Mississippi Uniform Unclaimed Property Act, repealing the previous Uniform Disposition of Unclaimed Property Act, with the State Treasurer serving as administrator of all unclaimed property in Mississippi.

• Establishes presumptions of abandonment for various property types ranging from 1 to 15 years of inactivity (e.g., demand deposits after 5 years, unpaid wages after 1 year, travelers' checks after 15 years).

• Creates the Abandoned Property Fund and Abandoned Property Claims Payment Fund in the State Treasury to hold unclaimed property; requires holders to report and deliver abandoned property to the State Treasurer by November 1 annually.

• Grants owners the right to file claims for abandoned property with the administrator; allows court action if claims are denied; requires payment within 30 days of claim approval, with interest accruing at 8% annually on interest-bearing deposits.

• Establishes penalties of up to $5,000 per day for ordinary violations and up to $25,000 plus 25% of unreported property value for willful violations or fraud; allows the administrator to waive penalties if holder acted in good faith.