Loading chat...

MS HB1086

Bill

Official Source

Status

Failed

3/22/2016

Primary Sponsor

Cory Wilson

Click for details

Origin

House of Representatives

2016 Regular Session

AI Summary

  • Redirects proceeds from redeemed U.S. savings bonds that have escheated to Mississippi from the State General Fund to the Abandoned Property Fund
  • U.S. savings bonds become escheated property 3 years after being classified as unclaimed under Mississippi's Unclaimed Property Act
  • State Treasurer must file civil action in Hinds County Circuit Court to obtain judgment that bonds have escheated to the state
  • Individuals may still file claims for escheated savings bonds or their proceeds by providing sufficient proof of validity
  • Effective date: July 1, 2016

Legislative Description

Unclaimed Property Act; proceeds of redeemed US Savings Bonds under shall be deposited into Abandoned Property Fund.

Last Action

Died In Committee

3/22/2016

Committee Referrals

Accountability, Efficiency, Transparency3/11/2016
Revenue and Expenditure General Bills2/8/2016

Full Bill Text

No bill text available