End Local Government Opt Out Of Unclaimed Property Act

Currently, if a local government enacts a local law related to the disposition of abandoned intangible property it holds for an owner and the local law is inconsistent with the requirements of the "Unclaimed Property Act" (act), then the local law controls the disposition of the property. Sections 2 and 4 of the bill eliminate this exception effective September 1, 2019, so that a local government is required to comply with the act like any other holder of abandoned intangible property. Section 3 requires a local government that holds intangible property that was previously exempt from the act to pay or deliver the property to the administrator on or before January 1, 2020. Section 1 specifies that a county's discretionary power to dispose of abandoned personal property acquired by an elected official or county employee only applies to tangible personal property and does not apply to intangible property, which is subject to the act.(Note: This summary applies to this bill as introduced.) Read More