Citations Affected: IC 32-34.
Synopsis: Unclaimed property notification. Provides that, under the
law concerning unclaimed property, the attorney general is not required
to pay the prescribed rate for publishing a notice in a newspaper
concerning property reported as a result of a demutualization of an
insurance company.
Effective: Upon passage; July 1, 2004.
January 8, 2004, read first time and referred to Committee on Criminal, Civil and Public
Policy.
January 22, 2004, amended, reported favorably _ Do Pass.
January 26, 2004, read second time, ordered engrossed. Engrossed.
January 27, 2004, read third time, passed. Yeas 47, nays 0.
A BILL FOR AN ACT to amend the Indiana Code concerning
property.
SECTION 1. IC 32-34-1-28, AS AMENDED BY P.L.107-2003,
SECTION 4, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2004]: 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 general.
(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
notice.
(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 published in the county in which the holder has its
principal place of business within Indiana or any other county that the
attorney general may reasonably select.
advertised notice is not subject to the rate prescribed in IC 5-3-1-1.
The rate may not be higher than the rate set in IC 5-3-1-1.
(e) The advertised notice must contain the following
information:
(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 holder.
(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 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.
(f) The attorney general is not required to include any item with
a value of less than one hundred dollars ($100) in the notice.
SECTION 3. An emergency is declared for this act.