Bill Summary for H 181 (2023-2024)
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View NCGA Bill Details | 2023-2024 Session |
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.Intro. by Hardister, Rudow, Carson Smith.
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Bill 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.