HB281 Alabama 2012 Session

Summary

Primary Sponsor

Steve ClouseRepresentative

Republican

Session

Regular Session 2012

Title

Unclaimed Property, disposition by State Treasurer, provide clarification, require electronic reportings, allow surviving parent to claim abandoned property from child who dies intestate, Secs. 35-12-72, 35-12-76, 35-12-79, 35-12-82, 35-12-84, 35-12-86, 35-12-93 am'd

Description

Under existing law, the Uniform Disposition of Unclaimed Property Act of 2004 concerns the receipt and disposition by the State Treasurer of various unclaimed property.

This bill would allow banks to treat all deposit products equally regarding abandonment and would allow all payment instruments issued by the state to be remitted to unclaimed property for the benefit of the payee at expiration.

This bill would require a holder to electronically report with certain exceptions.

This bill would clarify the delivery of and the receipt of property from another state.

This bill would allow a surviving parent to claim abandoned property from a child who died intestate.

This bill would clarify property received by early reporting.

This bill would also provide protection to consumers who claim their property through a third-party source.

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Subjects

Unclaimed Property