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SB 339 (BR 2326) - K. Nelson
AN ACT relating to unclaimed property.
Amend KRS 393.060 to establish when property held by a bank or financial organization is presumed abandoned; create a new section of KRS Chapter 393 to provide that if property, other than money, delivered to the state, the owner is entitled to any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money; amend KRS 393.280 to examination of relevant records of a person where it is believed that is a failure to report property during the preceding reporting period; documents and working papers obtained in the course of conducting the examination are not public records; amend KRS 393.130 to permit the holder of property who has paid money to the department to pay the person who appears to be the entitled holder and the department must reimburse the holder without imposing a fee; provide that property removed from a safe deposit box or other safekeeping depository is received by the department subject to the holder's right to be reimbursed for the cost of opening the box and to any valid lien or contract providing for the holder to be reimbursed for unpaid or other charges; create a new section of KRS Chapter 393 to provide that an agreement by an owner to locate or recover property presumed abandoned is void if entered into during the period beginning on the date the property was presumed abandoned until 24 months after the date the property is paid or delivered to the department; provide conditions under which such agreement is enforceable; repeal KRS 393.025, Owner of abandoned property loses income or increments accruing thereafter, and KRS 393.070, Deposits not payable on demand--When presumed abandoned.
SB 339 - AMENDMENTS
SFA (1, D. Karem) - Clarify that Treasury examination documents are not open records; move the new section to provide that if property, other than money, is delivered to the state, the owner is entitled to any income or gain realized or accruing on the property at or before liquidation or conversion of the property into money to a new subsection of KRS 393.130; delete the new requirement that the Treasurer pay 8 percent interest or any lesser rate that the property earned while in the possession of the holder; amend KRS 393.130 to provide that an interest-bearing account presumed abandoned shall be held in the name of the state, but that a proper holder of the account may withdraw the property plus any accrued interest.
SFA (2, D. Karem) - Amend existing provisions to provide that the Department of Financial Institutions may examine relevant records of banking organizations and financial institutions if there is reason to believe that there has been a failure to report abandoned property.
HFA (1, M. Long) - WITHDRAWN
HFA (2, M. Long) - Amend KRS 393.110 to require reports to be filed by November 1 and property to be turned over to treasury by November 1; require holder of abandoned property to send notice to the apparent owner; amend KRS 393.140 to delete provisions relating to posting by claimants that are heirs or relatives; create a new section of KRS Chapter 393 to allow treasury to auction property after 3 years.
HFA (3, M. Long) - Amend KRS 393.110 to require reports to be filed by November 1 and property to be turned over to treasury by November 1; require holder of abandoned property to send notice to the apparent owner except property valued at less than $100; amend KRS 393.140 to delete provisions relating to posting by claimants that are heirs or relatives; create a new section of KRS Chapter 393 to allow treasury to auction property after 3 years.
HFA (4, C. Hoffman) - Amend to decrease from twenty-four (24) months to twelve (12) months the time period regarding an agreement for location and delivery of unclaimed property, to remove fee and compensation limitations from an agreement to locate or deliver unclaimed property, and to remove requirement that an agreement to locate or deliver unclaimed property state the value of the property before and after the fee or other compensation has been deducted.
Feb 23-introduced in Senate
Feb 24-to State and Local Government (S)
Mar 5-reported favorably, 1st reading, to Calendar; floor amendment (1) filed
Mar 6-2nd reading, to Rules
Mar 12-floor amendment (2) filed; posted for passage in the Regular Orders of the Day for March 13, 1998
Mar 13-3rd reading, passed 37-0 with floor amendments (1) and (2)
Mar 16-received in House
Mar 17-to Banking and Insurance (H); posted in committee
Mar 19-reported favorably, 1st reading, to Calendar; floor amendment (1) filed
Mar 20-2nd reading, to Rules; floor amendment (2) filed; floor amendment (1) withdrawn
Mar 23-floor amendment (3) and (4) filed
Mar 25-posted for passage in the Regular Orders of the Day for March 26, 1998
Mar 26-3rd reading, passed 97-1 with floor amendment (3)
Mar 27-received in Senate
Mar 31-posted for passage for concurrence in House amendment on March 31, 1998; Senate concurred in House floor amendment (3); passed 34-0
Apr 1-enrolled, signed by each presiding officer, delivered to Governor
Apr 13-signed by Governor
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