TO ALLOW FOR THE DIRECT PAYMENT OR DELIVERY OF PROPERTY TO AN APPARENT OWNER UNDER THE UNCLAIMED PROPERTY ACT IN CERTAIN CIRCUMSTANCES.

SB 14 allows Arkansas' Unclaimed Property Administrator to directly pay or deliver property valued under $5,000 to someone named as the apparent owner in official reports, without requiring them to file a formal claim. This applies to individuals (not other states) who are reasonably identified as the rightful owner of the property. The bill streamlines the process for small-value unclaimed property by removing the claim requirement when ownership is clear and the amount is under $5,000. It directly affects Arkansans with unclaimed assets like old bank accounts or forgotten checks under this threshold. The law became effective on February 18, 2025, as Act 114.