Bill Summary for H 155 (2019-2020)

Summary date: 

Feb 21 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
House Bill 155 (Public) Filed Thursday, February 21, 2019
AN ACT TO MAKE CHANGES TO THE UNCLAIMED PROPERTY STATUTES.
Intro. by Hurley.

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Bill summary

Renames Article 1 of GS Chapter 116B as General. Recodifies GS 116B-1 as GS 116B-2.1 and places it under new Article 1A, Escheats, of GS Chapter 116B. Recodifies GS 116B-2 as GS 116B-2.2 and amends it to make conforming changes. Amends GS 116-3 and GS 29-12 to also makes conforming changes reflecting the new statute numbers.

Enacts new GS 116B-1.1, Stating the state's policy to recover and transfer property to rightful owners in a way that is consistent with the interest of rightful owners. When the rightful owner cannot be determined, states that it is the policy that all benefits realized from any unclaimed or abandoned property accrue to the benefit of higher education. 

Amends GS 116B-64 to require that when property is delivered or paid to the Treasurer under GS Chapter 116B (Escheats and Abandoned Property), the Treasurer must hold it without liability for loss, as well as income or gain.

Amends GS 116B-75 by expanding upon the things that the Treasurer can call upon a person required to report, pay, or deliver property under the Chapter (or related specified individuals) to do, to also include producing reports (in addition to records), make the required payments, and make the required delivery of property.

Amends GS 116B-60 to require all abandoned property holders to filed reports electronically (was, only those holders reporting 50 or more property owners' records were required to file the report electronically). Applies to reports filed on or after January 1, 2020.

Amends GS 116B-60 to make exceptions to the requirement that amounts due to an owner may be reported in an aggregate amount without furnishing any of the specified information; those exceptions are for property subject to GS 116B-53(c)(4)(security or other equity interest in a business association, including a security entitlement unclaimed three years after the earlier of specified events), (c)(5) (debt of a business association, including debt evidenced by a matured or called bearer bond or an original issue discount bond, unclaimed three years after the date of an interest or principal payment unclaimed by the apparent owner), and (c)(5a) (any dividend, profit, distribution, interest, redemption, payment on principal, cash compensation held or owing by a business association for or to its shareholder, certificate holder, policyholder, member, bondholder, or other security holder, who has not claimed it, or corresponded in writing with the business association concerning it, within three years after the date prescribed for payment or delivery).

Amends GS 116B-63 by adding that a holder who has in good faith paid or delivered property to the Treasurer in error may request a refund, and allows the Treasurer to issue a refund after the holder has filed a form on proof of the error. Makes additional technical and clarifying changes.

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