This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0818 - Changes to the Unclaimed Property Law
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 3471-02
BILL NO. SB 818
SUBJECT: State Treasurer: Property, Real and Personnel
TYPE: Original
DATE: February 11, 1998
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 1999
FY 2000
FY 2001
Total Estimated
$0
$0
$0
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the Office of the State Treasurer, Department of Insurance and the Department of Economic Development-Division of Finance stated the proposal would not affect their agencies, administratively.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
No direct fiscal effect on small businesses would be expected due to this proposal.
DESCRIPTION
This proposal would revise the state's unclaimed property law. It would add property insurance companies to the definition of "insurance corporation" in the law. It would also change provisions concerning amounts which could be retained in the Abandoned Fund Account. Transfers to the General Revenue Fund would be based on fractions of disbursements from the Account during the previous year rather than on set dollar amounts in the Account.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. This legislation would not affect Total State Revenue.
SOURCES OF INFORMATION
Department of Economic Development
Department of Insurance
State Treasurer
Jeanne Jarrett, CPA
Director
February 11, 1998