February 20, 2004





ENGROSSED

SENATE BILL No. 252

_____


DIGEST OF SB 252 (Updated February 17, 2004 12:06 pm - DI 47)



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.





Lawson C
(HOUSE SPONSORS _ FRENZ, THOMAS)




    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.

HOUSE ACTION

    February 4, 2004, read first time and referred to Committee on Appointments and Claims.
    February 19, 2004, reported _ Do Pass.






February 20, 2004

Second Regular Session 113th General Assembly (2004)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2003 Regular Session of the General Assembly.


ENGROSSED

SENATE BILL No. 252



    A BILL FOR AN ACT to amend the Indiana Code concerning property.

Be it enacted by the General Assembly of the State of Indiana:

    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.


    (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 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 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 the notice:
        (1) Any item with a value of less than one hundred dollars ($100).
        (2) Information concerning a traveler's check, money order, or any similar instrument.
         (3) Property reported as a result of a demutualization of an insurance company.
    SECTION 2. IC 32-34-1-28.5 IS ADDED TO THE INDIANA CODE AS A NEW SECTION TO READ AS FOLLOWS [EFFECTIVE UPON PASSAGE]: Sec. 28.5. (a) The attorney general shall publish a notice not later than November 30 of the year immediately following the year in which unclaimed property as a result of a demutualization of an insurance company has been paid or delivered to the attorney general.
    (b) The notice required by subsection (a) must be published at least once in a newspaper of general circulation published in the county of Indiana of the last known address of any person named in the notice.
    (c) If the holder does not report an address for the apparent owner, 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.
    (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. The

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.