Establishes Unclaimed Property Interest Trust Fund, consisting of interest earned from Unclaimed Property Proceeds Trust Fund and Abandoned Mineral Proceeds Trust Fund.
Any interest received shall be deposited into Unclaimed Property Interest Trust Fund.
At the end of each fiscal year, administrator shall withdraw from Unclaimed Property Interest Trust Fund amount necessary to reimburse State for operating expenses.
If there are insufficient funds available in Unclaimed Property Interest Trust Fund, shall withdraw remaining amount owed to the State Central Services Fund from the fund.
Auditor of State shall maintain accounting, records necessary to ensure compliance.
Legislative History
On Mar. 13, 2025, bill was introduced in Senate; on Mar. 19, 2025, bill passed Senate.
On Mar. 19, 2025, bill was introduced in House; on Apr. 1, 2025, bill passed House.
On Apr. 7, 2025, bill was signed into law by the governor and assigned Act 430.
Effectiveness
Determined emergency exists, bill provisions become effective on Jul. 1, 2025.
