SB 2714 Mississippi Senate · 2026 Regular Session

Safe deposit boxes; create escheatment process for and revise certain portions of Uniform Disposition of Unclaimed Property Act.

SB 2714 creates a new process for handling unclaimed property in safe deposit boxes in Mississippi. It establishes specific rules to determine when contents are presumed abandoned (e.g., if the owner's last-known address is invalid), requiring banks to report and transfer such property to the State Treasurer after a defined period. The bill removes a previous 5-year waiting period for transferring funds from cancelled warrants to the Abandoned Property Fund and clarifies key terms like "tangible personal property" and "last-known address." This directly affects banks, financial institutions holding safe deposit boxes, and individuals with unclaimed property in those boxes. The law aims to streamline the unclaimed property process for safe deposit contents under Mississippi's Unclaimed Property Act.

Bill status died 4 of 5 stages cleared

Introduction

Feb 2026

Committee Review

Feb 2026

Senate Passage

Feb 2026

House Passage

Mar 2026

Governor

Introduced Feb 6, 2026 Last action Mar 26, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

Committee Substitute → Current version · 1 edit

MINOR

The bill title was updated to reflect that it has passed the Senate, changing the status from 'Committee Substitute' to 'As Passed the Senate'. This is a procedural update indicating the bill has advanced in the legislative process and is now in its current version for further consideration.

TECHNICAL

The bill header was changed from 'Committee Substitute' to 'As Passed the Senate', indicating a procedural update in the legislative process rather than a substantive policy change.

As Introduced → Committee Substitute · 10 edits

MAJOR

This bill amends Mississippi's unclaimed property laws to modernize how abandoned funds and safe deposit box contents are handled. Key changes include transferring cancelled state warrants to the Abandoned Property Fund, updating definitions for various property types, and establishing a new process for safe deposit box escrow and reporting. These changes aim to improve transparency, protect property owners' rights, and ensure proper handling of abandoned assets.

Scope change

The bill expands the scope to include safe deposit box contents in the unclaimed property system and adds new definitions for 'last-known address,' 'lawful charges,' and 'tangible personal property.' It also clarifies reporting requirements and liability protections for financial institutions.

REQUIREMENT

State Fiscal Officer must transfer funds from cancelled warrants to Abandoned Property Fund and report associated payee records

Established new Section 81-5-60 requiring written notice to safe deposit box holders before contents can be removed after one year of delinquent rent

Created Section 89-12-28 to direct delivery of safe deposit box contents to State Treasurer with specific reporting procedures

Updated Section 89-12-30 to require public sale of tangible property from safe deposit boxes within three years of delivery

Added Section 89-12-44 requiring holders to maintain records for ten years after filing reports

DEFINITION

Added new definitions for 'last-known address,' 'lawful charges,' 'tangible personal property,' and 'farm credit system cooperative association'

TIMELINE

Changed effective date to July 1, 2026, with repeal on June 30, 2026 (likely a clerical error in the committee substitute)

ENFORCEMENT

Added Section 89-12-31 protections limiting State Treasurer liability for damages while property is in state custody

ELIGIBILITY

Modified presumption of abandonment rules for securities to include email communication attempts and death confirmation procedures

EXEMPTIONS

Added exemption for capital credits and patronage refunds from nonprofit cooperatives from being treated as abandoned property

Floor votes · Senate Feb 5, 2026 · House Mar 5, 2026

How they voted

52–0

Passed

Total votes 52

Feb 5, 2026

D Democratic18

18 Yea

100% Yea

R Republican34

34 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 5, 2026

Lower · Passed

Passed As Amended

lower

Mar 5, 2026

Lower · Passed

Amended

lower

Feb 26, 2026

Lower · Passed

Title Suff Do Pass As Amended

lower

Feb 6, 2026

Committee

Referred To Banking and Financial Services

lower

Feb 6, 2026

Introduced

Transmitted To House

upper

Feb 5, 2026

Upper · Passed

Passed

upper

Feb 2, 2026

Upper · Passed

Title Suff Do Pass Comm Sub

upper

Jan 19, 2026

Committee

Referred To Business and Financial Institutions

upper

1 primary · 0 co-sponsors