HB112 Alabama 2013 Session

Session

Regular Session 2013

Title

Unclaimed property, holders of abandoned property required to file reports with State Treasurer electronically, exceptions, parent of deceased child authorized to claim property, consumer protection measures for property claimed through third party, Secs. 35-12-72, 35-12-76, 35-12-77, 35-12-79, 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 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 protect the state when receiving property and the holder when remitting property.

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.

To amend Sections 35-12-72, 35-12-76, 35-12-77, 35-12-79, 35-12-84, 35-12-86, and 35-12-93, Code of Alabama 1975, relating to the Uniform Disposition of Unclaimed Property Act of 2004; to allow banks to treat all deposit products equally regarding abandonment; to allow all payment instruments issued by the state to be remitted to unclaimed property for the benefit of the payee upon expiration; to clarify reporting guidelines to protect the state when receiving property and the holder when remitting property; to allow a surviving parent to claim abandoned property from a child who died intestate; to clarify property received by early reporting; and to protect consumers when claiming their property through a third-party source.

Subjects

Abandoned Property