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Senate Bill 0227


Senate Bill 0227

ARCHIVE (2000)

Latest Information

 

DIGEST OF SB 227 (Updated March 3, 2000 3:55 PM - DI 94)


Unclaimed property and unpaid checks. Provides a limit on the amount of compensation that may be paid to recover funds from an unpaid or outstanding warrant or check issued by the state or a political subdivision. Requires that certain elements must be in agreement to recover an unpaid or outstanding warrant or check issued by the state or a political subdivision. Makes changes to Indiana's unclaimed property law to conform with portions of the uniform unclaimed property act. Changes the time period requirement for written notice from the holder of property presumed abandoned to the apparent owner and attorney general. Provides that property and proceeds held by a court or a court clerk do not become unclaimed property until 5 years after the property or proceeds become distributable. Provides that property and proceeds related to child support that are held by a court or a court clerk do not become unclaimed property until 10 years after the property or proceeds become distributable. Requires that tangible property held in a safe deposit box be held for at least 120 days after the property is reported to the attorney general. Removes the requirement that the attorney general publish a notice relating to a traveler's check, money order, or similar instrument presumed abandoned. Requires the attorney general to give notice approving or denying a claim within 90 days after the claim is filed. Excludes from the definition of "property" in the unclaimed property law a transaction between business entities and motor carriers. Provides for a judicial appeal of an adverse unclaimed property decision.
    Current Status:
     Law Enacted
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