TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY; AND TO PROVIDE THAT CERTAIN NONPROFIT ORGANIZATIONS ARE EXEMPT FROM THE LAW CONCERNING UNCLAIMED PROPERTY.

Senate Bill 283, as amended, modifies the law concerning unclaimed property for certain nonprofit organizations. It specifically affects nonprofits with less than five million dollars in annual revenue. These organizations must turn over property unclaimed for one year to the state administrator. The administrator then has two years to locate the property's owner. If the owner is not found within that period, the unclaimed property is returned to the original nonprofit organization.