House Bill 884

AN ACT TO AMEND SECTION 89-12-37, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT MONEY REMAINING IN THE ABANDONED PROPERTY FUND AND THE ABANDONED PROPERTY CLAIMS PAYMENT FUND AT THE END OF A FISCAL YEAR SHALL NOT LAPSE INTO THE STATE GENERAL FUND, AND ANY INTEREST EARNED FROM THE INVESTMENT OF MONIES IN EITHER FUND SHALL BE DEPOSITED TO THE CREDIT OF THE RESPECTIVE FUND; TO CREATE A TRUST FUND WITHIN THE ABANDONED PROPERTY FUND TO BE KNOWN AS THE ADVANCE MISSISSIPPI FUND; TO PROVIDE THAT ALL UNCLAIMED PROPERTY IN THE ABANDONED PROPERTY FUND THAT IS VALUED AT OR BELOW TEN DOLLARS, AFTER BEING HELD FOR THREE YEARS WITHOUT BEING CLAIMED, SHALL NO LONGER BE CONSIDERED AS UNCLAIMED PROPERTY AND SHALL ESCHEAT TO THE STATE OF MISSISSIPPI AND BE TRANSFERRED INTO THE ADVANCE MISSISSIPPI FUND; TO PROVIDE THAT THE MONIES TRANSFERRED INTO THE ADVANCE MISSISSIPPI FUND SHALL BE THE PRINCIPAL OF THE TRUST FUND, AND THE PRINCIPAL SHALL REMAIN INVIOLATE AND SHALL NEVER BE EXPENDED; TO PROVIDE THAT INTEREST AND INCOME DERIVED FROM INVESTMENT OF THE PRINCIPAL OF THE TRUST FUND MAY BE EXPENDED BY THE TREASURER UPON APPROPRIATION BY THE LEGISLATURE FOR WORKFORCE TRAINING, EDUCATIONAL SCHOLARSHIPS, AND OTHER BENEFICIAL PURPOSES AS DETERMINED BY THE TREASURER; TO AMEND SECTIONS 89-12-5, 89-12-7, 89-12-9, 89-12-11, 89-12-13, 89-12-14, 89-12-15 AND 89-12-16, MISSISSIPPI CODE OF 1972, TO REDUCE FROM FIVE YEARS TO THREE YEARS THE PERIOD OF TIME AFTER WHICH PROPERTY WILL BE PRESUMED TO BE ABANDONED; TO AMEND SECTION 89-12-23, MISSISSIPPI CODE OF 1972, TO REQUIRE HOLDERS OF UNCLAIMED PROPERTY TO REPORT TO THE TREASURER ANNUALLY INSTEAD OF ONCE EVERY THREE YEARS; TO AMEND SECTION 89-12-27, MISSISSIPPI CODE OF 1972, TO DELETE THE REQUIREMENT FOR THE TREASURER TO PUBLISH IN NEWSPAPERS THROUGHOUT THE STATE THE NAMES AND ADDRESSES OF UNCLAIMED PROPERTY OWNERS AND TO MAIL NOTICE TO THOSE PERSONS; TO REQUIRE THE TREASURER TO PUBLISH IN NEWSPAPERS A STATEMENT THAT A LIST OF UNCLAIMED PROPERTY OWNERS' NAMES AND LAST-KNOWN ADDRESSES IS AVAILABLE ON THE WEBSITE OF THE TREASURER'S OFFICE AND ON THE WEBSITE OF THE NEWSPAPER IN WHICH THE NOTICE IS PUBLISHED, IF THE NEWSPAPER MAINTAINS A WEBSITE; AND FOR RELATED PURPOSES.

In the House of Representatives

• Mark Baker

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 20 – Feb 13

1. Jan 20Referred to the House committee on Judiciary A
2. Feb 4Reported from committee in the House: title sufficient, do pass
3. Feb 13Died on the calendar in the House