SB 408 - This act modifies the notice requirements required to be made by the State Treasurer for purposes of disposing of unclaimed property. Specifically, current law requires the Treasurer to give notice of property that is presumed to be abandoned as follows: · Notice must be published in a newspaper of general circulation once a week for two successive weeks within 240 days of receiving notice of property that is presumed to be abandoned; and
· Notice must be mailed to each person having an address listed who appears to be entitled to presumed abandoned property valued at $50 or more.
This act allows the State Treasurer to use any other method, in addition to the above methods, deemed appropriate and consistent with the intent to notify the owners of the property.
This act is identical to a provision in SB 433 (2021), a provision in HCS/SS/SCS/SB 27 (2021), a provision in HCS#2/SCS/SB 91 (2021), a provision in HCS/SS/SCS/SBs 53 & 60 (2021), a provision in the perfected HCS/HB 512 (2021), and HB 730 (2013) and substantially similar to a provision in HB 1345 (2021) and a provision in HB 926 (2021).
SCOTT SVAGERA