HB 1510 - This act revises the Uniform Disposition of Unclaimed Property Law.

As of January 1, 2000, most abandonment periods are changed from 7 to 5 years.

The definition of "insurance corporation" is expanded to include property insurance companies.

The maximum balance in the Abandoned Fund Account is modified from $50,000 to 1/12 of the previous fiscal year's total disbursement from the fund. The minimum balance in the Account is similarly modified from $25,000 to 1/24 of the previous fiscal year's total disbursement from the fund.

The amount of time for abandoned property delivered to the State Treasurer is to be sold is extended to 2 years.

Marketable securities are removed from public sale notification provisions.

Amounts turned over to the state of less than $50 are accessible as public information, along with the name and last known address of the person appearing on the holder report. No additional information is to be made available.

Interest paid on unclaimed money held by the state is to equal the average annual return on all funds invested by the State Treasurer for each year of accrual.

The State Treasurer may accept property prior to the date it becomes unclaimed or abandoned.

Penalties for persons who intentionally fail to render any report or perform other duties required would be permissive rather than mandatory.

Duties performed by County Treasurers related to unclaimed property are removed from law.

The Treasurer is allowed to use estimation techniques to determine the amount of property that is reportable as abandoned if the holder has maintained insufficient records.
DENISE GARNIER