SENATE BILL No. 356
DIGEST OF INTRODUCED BILL
Citations Affected: IC 32-34-1.
Synopsis: Unclaimed property. Permits the attorney general to publish
certain notices concerning unclaimed property electronically.
Authorizes the attorney general to assess a reasonable examination fee
against a holder of unclaimed property if the attorney general's
examination of the holder's records reveals the existence of unclaimed
property that should have been reported or delivered.
Effective: July 1, 2007.
January 11, 2007, read first time and referred to Committee on Judiciary.
First Regular Session 115th General Assembly (2007)
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between statutes enacted by the 2006 Regular Session of the General Assembly.
SENATE BILL No. 356
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 32-34-1-28; (07)IN0356.1.1. -->
SECTION 1. IC 32-34-1-28 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2007]: Sec. 28. (a) Except as
provided in subsection (e), the attorney general shall publish a notice
not later than November 30 of the year immediately following the year
in which unclaimed property has been paid or delivered to the attorney
(b) Except as provided in subsection (c), the notice required by
subsection (a) must be published at least once each week for two (2)
successive weeks in a newspaper of general circulation published in the
county in Indiana of the last known address of any person named in the
(c) If the holder
(1) does not report an address for the apparent owner or
(2) reports an address outside Indiana, the notice must be
(1) in the county in which the holder has its principal place of
business within Indiana;
(2) in any other county that the attorney general may reasonably
(3) electronically by the attorney general.
(d) The advertised notice required by this section must be in a form
that, in the judgment of the attorney general, will attract the attention
of the apparent owner of the unclaimed property and must contain the
(1) The name of each person appearing to be an owner of property
that is presumed abandoned, as set forth in the report filed by the
(2) The last known address or location of each person appearing
to be an owner of property that is presumed abandoned, if an
address or a location is set forth in the report filed by the holder.
(3) A statement explaining that the property of the owner is
presumed to be abandoned and has been taken into the protective
custody of the attorney general.
(4) A statement that information about the abandoned property
and its return to the owner is available, upon request, from the
attorney general, to a person having a legal or beneficial interest
in the property.
(e) The attorney general is not required to publish the following in
(1) Any item with a value of less than one hundred dollars ($100).
(2) Information concerning a traveler's check, money order, or any
(3) Property reported as a result of a demutualization of an
SOURCE: IC 32-34-1-42; (07)IN0356.1.2. -->
SECTION 2. IC 32-34-1-42 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2007]: Sec. 42. (a) The attorney
general may require a person who has not filed a report, or a person
who the attorney general believes has filed an inaccurate, an
incomplete, or a false report, to file a verified report in a form
prescribed by the attorney general stating the following:
(1) Whether the person is holding any unclaimed property
reportable or deliverable under this chapter.
(2) Describing any property not previously reported or as to which
the attorney general has made inquiry.
(3) Specifically identifying and stating the amounts of property
that may be in issue.
(b) The attorney general, at reasonable times and upon reasonable
notice, may examine the records of a person to determine whether the
person has complied with this chapter. The attorney general may
conduct the examination even if the person believes the person is not
in possession of any property reportable or deliverable under this
chapter. When making an examination under this chapter, the attorney
general may retain attorneys, appraisers, independent actuaries,
independent certified public accountants, or other professionals and
specialists as examiners.
(c) The attorney general may examine the records of an agent,
including a dividend disbursing agent or transfer agent, of a business
association that is the holder of property presumed abandoned if the
attorney general has given the notice required by subsection (b) to both
the business association and the agent at least ninety (90) days before
(d) If an examination of the records of a person under subsection (b)
results in the disclosure of property reportable and deliverable under
this chapter, the attorney general may assess the cost of the
examination against the holder at
the a reasonable rate of two hundred
dollars ($200) a day for each examiner. established by the attorney
general. The cost of an examination of the records of an agent of a
business association under subsection (c) may be imposed only against
the business association.
(e) If a holder fails to maintain the records required under section 43
of this chapter and the available records of the holder are insufficient
to permit the preparation of a report, the attorney general may require
the holder to report and pay an amount that may reasonably be
estimated from any available records of the holder or on the basis of
any other reasonable estimating technique that the attorney general may