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Senator says bill will let state use investment earnings to offset unclaimed-property costs; committee passes bill
Summary
Senators advanced Senate Bill 454, which would authorize the state to use interest and investment earnings from unclaimed property accounts to defray costs of locating owners and managing the program, the sponsor said. The committee passed the bill by voice vote after a brief explanation and no opposition.
Sen. John Payton, R-District 22, told the Senate State Agencies & Governmental Affairs Committee that Senate Bill 454 would allow the state to retain interest and investment earnings on unclaimed property to help cover costs of managing the unclaimed-property program. "There is interest earned, investment money earned on these holdings, and we need a mechanism to be able to peel that off," Payton said. "It is not…
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