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MS SB2714
Bill
Status
Engrossed
2/5/2026
Primary Sponsor
Chris Johnson
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AI Summary
- Creates an escheatment process for safe deposit boxes where rental payments are delinquent for at least one year, requiring lessors to send written notice by registered mail before removing contents and allowing contents to be presumed abandoned after three years of non-payment
- Transfers cancelled state warrants (over one year old) and associated payee records to the Abandoned Property Fund, removing the previous five-year waiting period before funds could be transferred back to original sources
- Establishes new abandonment criteria for securities, presuming them abandoned three years after mail is returned undeliverable or five years after the owner's last indication of interest
- Defines new terms including "last-known address," "lawful charges," and "tangible personal property" in the Uniform Disposition of Unclaimed Property Act, and revises definitions for banking and financial organizations
- Requires the State Treasurer to promulgate rules by December 31, 2026 for safe deposit box content delivery, and authorizes sale of tangible property with commercial value while protecting military awards, medals, and decorations from sale
Legislative Description
Safe deposit boxes; create escheatment process for and revise certain portions of Uniform Disposition of Unclaimed Property Act.
Last Action
Returned For Concurrence
3/6/2026
Committee Referrals
Banking and Financial Services2/6/2026
Business and Financial Institutions1/19/2026
Full Bill Text
No bill text available