SB118 Alabama 2013 Session

Summary

Primary Sponsor

Mark Slade Blackwell

Republican

Co-Sponsors

Phillip W. WilliamsJerry L. FieldingJimmy HolleyDel MarshGerald O. DialTrip PittmanBryan TaylorCam WardGerald H. AllenRusty GloverJ.T. WaggonerGreg J. ReedTom WhatleyScott Beason

Session

Regular Session 2013

Title

State Treasurer, State Treasury Operations Fund created for operation of Unclaimed Property program and SAFE program, Secs. 35-12-81, 41-14A-12, 41-14A-14 am'd.

Summary

The bill creates a dedicated State Treasury Operations Fund to finance the Office of the State Treasurer, consolidating funding for Unclaimed Property and the SAFE Program under one fund.

What This Bill Does

It establishes the State Treasury Operations Fund in the state treasury to cover Treasurer's Office operations, including Unclaimed Property and the SAFE Program, funded by general appropriations, the Unclaimed Property Reserve Fund, and other receipts with any unused funds remaining in the account. It amends existing laws to move administrative costs for Unclaimed Property and the SAFE Program into dedicated funds, requires quarterly transfers of funds between accounts, and directs any surplus from the Unclaimed Property Reserve Fund to the State General Fund. It creates a SAFE Program Administration Fund within the State Treasury Operations Fund to pay for starting, running, and administering the SAFE Program and board per diem/travel, with unobligated amounts transferred back to the State Treasury Operations Fund after 2014, and it requires annual audits by the Examiners of Public Accounts. The act also becomes effective October 1, 2014 and repeals conflicting laws.

Who It Affects

• State Treasurer's Office and its programs (Unclaimed Property and SAFE Program): funding and administration would be centralized under the State Treasury Operations Fund, with costs paid from that fund and annual audits required.
• Alabama residents and taxpayers: administration of unclaimed property and the SAFE Program would be funded through the new funds, with any surplus from the Unclaimed Property Reserve Fund deposited to the State General Fund and potential effects on the state budget.

Key Provisions

• Creation of the State Treasury Operations Fund to finance the Office of the State Treasurer's operations, including Unclaimed Property and the SAFE Program, funded by general appropriations, Unclaimed Property Reserve Fund, and other receipts; unobligated funds remain in the fund.
• Amendments to Sections 35-12-81 and 41-14A-12/41-14A-14 to allocate costs to dedicated funds: Unclaimed Property costs to the Unclaimed Property Administrative Fund, with quarterly transfers from the Unclaimed Property Reserve Fund; surplus funds to be deposited to the State General Fund; unobligated amounts after Sept 30, 2014 to be transferred to the State Treasury Operations Fund.
• Creation of the SAFE Program Administration Fund within the State Treasury Operations Fund to cover SAFE Program costs and board per diem/travel; annual appropriation needed to cover these costs; unobligated amounts after Sept 30, 2014 transferred to the State Treasury Operations Fund.
• Annual audits by the Examiners of Public Accounts of the SAFE Program and related funds (Program Administration Fund and Program Enforcement Fund).
• Effective date of October 1, 2014 and repeal of conflicting laws.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

State Treasurer