98RS HB693


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HB 693 (BR 822) - M. Long

     AN ACT relating to abandoned property.
     Create various new sections of KRS Chapter 393 to enact into law the Uniform Unclaimed Property Act (1995) which sets forth the mechanisms by which various forms of property, including money, stocks and bonds, valuables, checks, and so forth become presumed abandoned and are then taken into custody by the state; define the various forms of property which are subject to the Act; describe when property is considered unclaimed by its owner and when an owner indicates an interest in property so that it is no longer considered abandoned; vest authority in the State Treasurer to act as the administrator of the Act; set out the reporting requirements of persons who hold property which is the subject of the Act; set out the times when the property must be transferred to the state and for notice of transfer; set forth a mechanism to allow the administrator to convert property into money by allowing a public sale of the property; describe when and how the actual owner of property which has been transferred to the state may recover the property from the state and provide an appellate mechanism for decisions of the administrator; set forth civil and administrative penalties for failures to conform with various provisions of the Act; allow for reciprocity and interstate cooperation in certain circumstances; exempt foreign transactions conducted in foreign countries from the coverage of the Act; amend KRS 41.360 to conform; repeal the existing statutes in KRS Chapter 393 relating to escheats; provide that the Act takes effect on August 1, 1998.

     Feb 23-introduced in House
     Feb 24-to Judiciary (H)
     Mar 3-posted in committee

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