TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY FUNDS; TO AMEND THE LAW CONCERNING THE DEPOSIT AND INVESTMENT OF UNCLAIMED PROPERTY FUNDS; TO CREATE THE UNCLAIMED PROPERTY INTEREST TRUST FUND; AND TO DECLARE AN EMERGENCY.

SB 454 creates a new "Unclaimed Property Interest Trust Fund" to manage interest earned from investments of unclaimed property funds. The fund must first reimburse the State Central Services Fund for operating costs of the unclaimed property program, then cover prior shortfalls to the Unclaimed Property Proceeds Trust Fund. It also requires an annual $18 million transfer from unclaimed property funds (after reimbursements) to the state's general revenues. The bill declares an emergency to take effect July 1, 2025, to address a growing liability in the current system.