Bill Summaries: H 181 UNCLAIMED PROPERTY DIVISION CHANGES.-AB

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  • Summary date: Jul 10 2023 - View Summary

    AN ACT MAKING VARIOUS CHANGES TO THE UNCLAIMED PROPERTY DIVISION STATUTES AND WAIVING FEES FOR ESTATE ADMINISTRATION LIMITED TO CERTAIN PROPERTIES HELD IN THE ESCHEAT FUND, AS RECOMMENDED BY THE DEPARTMENT OF STATE TREASURER. SL 2023-88. Enacted July 10, 2023. Section 7 is effective January 1, 2024. The remainder is effective July 10, 2023.


  • Summary date: May 3 2023 - View Summary

    House amendment to the 1st edition makes the following changes. Amends GS 7A-307(b) (pertaining to fees in collections of personal property by affidavit) to specify that in such actions the fee that must be paid at the time of filing is not the facilities fee and $30 of the General Court of Justice fee, but is now the $10 fee for use of the courtroom and related judicial facilities, the $4 fee for the Court Information Technology Fund, and $106 of the General Court of Justice fee; requires the remainder of the General Court of Justice fee to be paid at the filing of the closing affidavit. Provides for determination of a fee waiver upon written request of the affiant, if (1) the amount to be collected is $5,000 or less and (2) the sole source of the assets of the estate is held in the Escheat Fund pursuant to Article 1A of GS Chapter 116B. Bars any refund of any fees paid by an affiant prior to the submission of a written request for a waiver of fees. Provides for imposing fees if, after receiving a waiver of fees, the affiant collects additional assets that disqualify the affiant from receiving the waiver. Effective January 1, 2024, and applies to affidavits filed on or after that date.

    Makes conforming changes to the act’s long title. 


  • Summary date: Feb 22 2023 - View Summary

    Amends GS 116B-52(11) of the North Carolina Unclaimed Property Act (Act) to change references in the definition of property from “money” to “currency."

    Amends GS 116B-59(a1) (setting forth duty of holders of certain types of abandoned property to notify apparent owners of that property before reporting the abandoned property to the state as required by the Act) by permitting a holder to authorize a third party to perform the required notice. Specifies that any third party authorization does not absolve the holder of responsibility to comply with the notice requirements. 

    Amends GS 116B-60 (setting forth reporting requirement of abandoned property holder to the state and tax return certification requirements) to allow a holder to authorize a third party to perform the required reporting and/or certification requirements. Specifies that any third party authorization does not absolve the holder of responsibility to comply with the reporting and/or certification requirements.

    Amends GS 116B-62 (setting forth requirement that the Treasurer prepare a list of the apparent owners of escheated and abandoned property and requirements governing that list) as follows.  Deletes provision stating that the Treasurer does not have to list any item valued at less than $50 unless the Treasurer finds it in the public interest to do so.  Now generally specifies that the Treasurer is not required to include property values in any list unless the Treasurer finds it in the public interest to do so.

    Amends GS 116B-65(a) (governing sale of abandoned property) to require publication of notice of sale of abandoned property on the Treasurer’s website. (Currently, publication must be at least twice a year in a major newspaper in the state’s major media markets.)

    Amends GS 116B-78(d) (agreements to locate property finders and owners or apparent owners) to specify that a property finder cannot be authorized to negotiate or deposit (was, negotiate) a check made payable to the owner.

    Makes technical and conforming changes.