Legislative Session number- 81

Bill Name: SF1631

Enacting the "Uniform Unclaimed Property Act of 1995" to be administered by the
commissioner of commerceARTICLE 1 - UNCLAIMED PROPERTYDefining certain terms;
providing presumptions of abandonment of certain property to the custody of the
state under certain conditions; restricting dormancy charges; providing for
prima facie evidence of obligation and for burden of proof relating to existence
and amount of the abandoned property; specifying reporting requirements;
providing for payment or delivery of abandoned property; requiring notice and
publication of lists of abandoned property; providing for state assumption of
custody and responsibility for safekeeping and for recovery by holders;
providing for the crediting of certain dividend, interest and increments to the
property owner; specifying requirements for public sale of abandoned property
and providing for the deposit of funds and proceeds; providing for treatment of
claims for recovery of property from other states; providing for the filing of
claims with and the handling of claims by the commissioner of commerce,
authorizing certain actions to establish claims; authorizing the commissioner to
decline to receive certain lesser valued property and providing for delivery
before the presumption of abandonment; authorizing and providing for the
destruction or disposition of property with no substantial commercial value,
liability immunity provision; establishing certain periods of limitation;
granting the commissioner certain report request and records examination
authority, specifying certain property holder records retention requirements;
providing for enforcement by the commissioner, authorizing court award of
reasonable attorney fees to prevailing parties; providing for interstate
agreements and cooperation; imposing and regulating interest and penalties;
providing for the enforceability of owner agreements to locate property presumed
abandoned; transitional provisions; authorizing commissioner rules; providing
for the uniformity of application and construction; repealing certain existing
provisions regulating abandoned propertyARTICLE 2 - CONFORMING CHANGESMaking
conforming amendments to certain statutory provisions relating to the
cancellation of outstanding unpaid warrants by the commissioner of finance or
the state treasurer, the deposit of certain state license and service fees,
mortgage originator and servicer license application content requirements and
standards of conduct, franchise registration exemptions, personal property of
discharged veterans home residents, the distribution of unclaimed property of
cooperatives and abandoned public pension fund amounts and receipts by insolvent
financial institutions (ra)