MS HB884

Reduces the abandonment presumption period from five years to three years for most property types, including bank deposits, insurance proceeds, utility deposits, and intangible property.

Creates the Advance Mississippi Fund as a trust within the Abandoned Property Fund; property valued at $10 or less held for three years without claim will escheat to the state and transfer to this fund, with principal remaining inviolate and earnings used for workforce training, educational scholarships, and other beneficial purposes upon legislative appropriation.

Requires holders of unclaimed property to file reports with the Treasurer annually instead of every three years, with reports due before November 1 each year.

Eliminates the requirement for the Treasurer to publish names and addresses of unclaimed property owners in newspapers and mail individual notices; instead requires publication of a statement that a list is available on the Treasurer's website and the newspaper's website if maintained.

Ensures funds remaining in the Abandoned Property Fund and Abandoned Property Claims Payment Fund at fiscal year-end do not lapse into the State General Fund, and interest earned remains in the respective fund.