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Bill Detail: HB19-1018

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Title End Local Government Opt Out Of Unclaimed Property Act
Status House Committee on Transportation & Local Government Postpone Indefinitely (02/05/2019)
Bill Subjects
  • Financial Services & Commerce
  • Local Government
House Sponsors R. Bockenfeld (R)
Senate Sponsors
House Committee Transportation and Local Government
Senate Committee
Date Introduced 01/04/2019
Description

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.

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