Citations Affected: IC 4-10; IC 5-11; IC 32-9.
Synopsis: Unclaimed property and unpaid checks. Conference committee report for ESB 227.
Provides a limit on the amount of compensation that may be paid to recover funds from an
unpaid or outstanding warrant or check issued by the state or a political subdivision. Requires
that certain elements must be in agreement to recover an unpaid or outstanding warrant or check
issued by the state or a political subdivision. Makes changes to Indiana's unclaimed property law
to conform with portions of the uniform unclaimed property act. Changes the time period
requirement for written notice from the holder of property presumed abandoned to the apparent
owner and attorney general. Provides that property and proceeds held by a court or a court clerk
do not become unclaimed property until 5 years after the property or proceeds become
distributable. Provides that property and proceeds related to child support that are held by a court
or a court clerk do not become unclaimed property until 10 years after the property or proceeds
become distributable. Requires that tangible property held in a safe deposit box be held for at
least 120 days after the property is reported to the attorney general. Removes the requirement
that the attorney general publish a notice relating to a traveler's check, money order, or similar
instrument presumed abandoned. Requires the attorney general to give notice approving or
denying a claim within 90 days after the claim is filed. Excludes from the definition of "property"
in the unclaimed property law a transaction between business entities and motor carriers.
Provides for a judicial appeal of an adverse unclaimed property decision. (This conference
committee report eliminates the requirement that the attorney general pay interest on interest
bearing demand, savings, or time deposit, if the deposit is being held as unclaimed property by
the attorney general.)
Effective: July 1, 2000.
Your Conference Committee appointed to confer with a like committee from the House upon Engrossed House Amendments to Engrossed Senate Bill No. 227 respectfully reports that said two committees have conferred and agreed as follows to wit:
that the Senate recede from its dissent from all House amendments and that
the Senate now concur in all House amendments to the bill and that the bill
be further amended as follows:
Senator MillsRepresentative Dvorak
Senator SimpsonRepresentative Foley
Senate Conferees House Conferees