HB 4242

Abstract

Amends the Uniform Disposition of Unclaimed Property Act. Provides that at least one communication made under the Act by the holder of property to the owner of property at his or her last known address shall be by certified mail. Provides that all of the following shall be completed at least 45 days prior to the reporting and remitting of property under the Act: (1) the holder of the property shall notify the State Treasurer that the holder believes the property is subject to being reported and remitted under the Act and shall provide the State Treasurer with specified information; (2) the State Treasurer shall provide the Department of Revenue with the information provided by the holder; (3) the Department of Revenue shall use its databases to attempt to locate the owner of the abandoned property and shall notify the State Treasurer if it was able to locate the owner of the property; (4) if the Department of Revenue locates the owner of the property, the Department of Revenue shall provide the State Treasurer with the location of the owner of the abandoned property; and (5) the State Treasurer shall send, by first class mail, a notice to the owner of abandoned property informing the owner (i) that the property is subject to remittance under the Act; and (ii) how to contact the holder and retrieve the property. Provides that the State Treasurer shall adopt rules to implement the new provisions.