Bill Status of HB4137 100th General Assembly
Short Description: UNCLAIMED PROPERTY-INTEREST
Rep. Michael J. Zalewski
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Revised Uniform Unclaimed Property Act. Provides that if an interest-bearing demand, savings, or time deposit is paid or delivered to the State Treasurer (the administrator) on or after July 1, 2018, then the administrator shall pay interest to the owner at a rate that is the lesser of (i) the percentage increase, if any, in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor (CPI-U); or (ii) the rate the property earned while in the possession of the holder and reported to the administrator. Provides that interest begins to accrue when the property is delivered to the administrator and ends on the earlier of the expiration of 10 years after its delivery or the date on which payment is made to the owner. Provides that the administrator may adopt administrative rules establishing more detailed methodologies for calculating the amount of interest to be paid to an owner using CPI-U or the rate the property earned while in the possession of the holder.