| SB 1243 | Requires public administrators serving as a conservator to have pooled accounts audited annually |
| Sponsor: | Wheeler | |||
| LR Number: | 4482S.01T | Fiscal Note: | 4482-01 | |
| Committee: | Economic Development, Tourism & Local Government | |||
| Last Action: | 07/02/04 - Signed by Governor | Journal page: | ||
| Title: | ||||
| Effective Date: | August 28, 2004 | |||
SB 1243 - This act requires the Public Administrator of Jackson County, who is serving as a conservator, to have pooled accounts audited at least once a year. The audit must review all receipts and disbursements of each estate account and a CPA must report to the judge about each account. The county is responsible for the expense of the audit.
Under this act, an account cannot be considered pooled unless:
(1) It is maintained at a bank or saving and loan institution;
(2) It is titled to reflect that the account is being held by a fiduciary; and
(3) The fiduciary maintains records that contain a
statement of all accretions and disbursements and are
maintained in the ordinary course of business.
SUSAN HENDERSON