AN ACT TO PROVIDE THE DEPARTMENT OF STATE TREASURER AUTHORITY IN THE HANDLING OF UNCLAIMED PROPERTY DETERMINED TO BE OF A HAZARDOUS NATURE OR WHICH IS OTHERWISE REGULATED, ILLEGAL, OR WHICH HAS NO SUBSTANTIAL COMMERCIAL VALUE AND TO PROVIDE GUIDANCE FOR THE PROPER HANDLING AND DISPOSITION OF THESE MATERIALS ON THE PART OF FINANCIAL ORGANIZATIONS. Enacted June 11, 2015. Effective October 1, 2015.
Summary date: Jun 15 2015 - View summary
Summary date: Apr 1 2015 - View summary
House amendment makes the following changes to the 2nd edition. Amends new GS 116B-55 by clarifying that the prohibition on delivering the contents of a safe deposit box to the Treasurer if the Treasurer makes the specified determinations, is notwithstanding other provisions of law in GS Chapter 116B (Escheats and Abandoned Property) or GS Chapter 53C (Regulation of Banks).
Summary date: Mar 31 2015 - View summary
House committee substitute makes the following changes to the 1st edition.
Makes technical and organizational changes to proposed GS 116B-55(d).
Summary date: Mar 18 2015 - View summary
Amends GS 116B-55 to prohibit the contents of a safe deposit box or other safekeeping depository from being delivered to the State Treasurer (Treasurer) if the Treasurer determines the contents of the box: (1) pose a potential public safety issue, (2) are specifically regulated by another agency or authority, (3) are illegal contraband, or (4) do not have substantial commercial value. Requires each financial organization to complete, verify, and return a form that provides identifying information for each item of property, including a good faith estimated value. Provides that if the Treasurer determines that an item of property satisfies one or more of the factors above, the Treasurer will either instruct the financial organization to place the property in the custody of the appropriate local, state, or federal authority or instruct the financial organization to destroy or otherwise dispose of the property. Specifies procedures for when property is delivered to the Treasurer and later determined to satisfy one of the factors above. Provides protection from liability for any loss due to the disposal of any of the box materials identified unless the loss is due to intentional misconduct.
Deletes provisions in GS 116B-70 concerning the destruction of property that has no substantial commercial value by the Treasurer.
Effective October 1, 2015.