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MS HB1477
Bill
Status
Failed
3/11/2026
Primary Sponsor
Shane Aguirre
Click for details
AI Summary
- Establishes a process for banks and financial organizations to handle safe deposit boxes with delinquent rent, requiring written notice to lessees after 1 year of non-payment and allowing box contents to be removed after 60 days if rent remains unpaid
- Contents of abandoned safe deposit boxes are presumed abandoned and must be reported to the State Treasurer after 3 years from lease expiration, with delivery scheduled by the Treasurer's office
- State Treasurer may sell abandoned safe deposit box contents at public auction, with proceeds used to reimburse holders for unpaid rent, storage charges, and opening costs before remaining funds are retained by the state
- Military awards, medals, and decorations found in abandoned boxes cannot be sold and must be retained by the State Treasurer until claimed by the rightful owner or their estate
- Modernizes the Uniform Disposition of Unclaimed Property Act by updating definitions, adding provisions for electronic communications to verify account ownership, and establishing a 2-year abandonment period when a holder confirms an apparent owner's death
Legislative Description
Safe deposit boxes; provide escheatment process for.
Last Action
Died On Calendar
3/11/2026
Committee Referrals
Business and Financial Institutions2/18/2026
Banking and Financial Services1/19/2026
Full Bill Text
No bill text available