AN ACT REVISING VARIOUS PROVISIONS CONCERNING UNCLAIMED PROPERTY.

SB 512 revises the state's unclaimed property laws to make it easier for owners to reclaim funds. It sets a minimum payment amount for automatic transfers, allows businesses and nonprofits to qualify for such payments, and requires the State Treasurer to publish the exact value of unclaimed property. The bill lowers the proof standard for ownership claims (requiring only that a claimant show it is more likely than not they own the property) and mandates annual payments to municipalities for unclaimed funds. Additionally, it permits registered nonprofits to claim unclaimed property held by their branches under specific conditions.