SB 818 - This act makes several revisions to the Uniform Disposition of Unclaimed Property Act, originally enacted in 1984.

PROPERTY INSURANCE - The law currently applies to casualty and life insurance. This act adds property insurance.

DILIGENCE - Diligence in looking for the property owner shall include a notice by first class mail. The notice will no longer need to state "This letter contains important information."

INTEREST - Any interest and dividends which would have been earned on abandoned bank accounts, stock or intangible property (if such property had not been abandoned) shall also be delivered to the state treasurer.

ABANDONED FUND ACCOUNT - The amount which shall be retained in the abandoned fund account is changed from $50,000 to 1/12th of the previous year's total disbursement. If the fund is reduced to less than 1/24th of the previous year's disbursement, it shall be restored to the 1/12th level.

SALES - The time limit for sale of abandoned property by the Treasurer is increased from 1 year to 2 years. No notice shall be required prior to the sale of marketable securities.

MISC. - The interest paid to an owner shall be the average annual return on the treasurer's funds. The treasurer may accept property prior to the date it is deemed abandoned. The fine for intentionally failing to report abandoned property to the Treasurer is no longer mandatory.
MICHAEL HOEFERKAMP