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Senate creates unclaimed property trust fund and clears constitutional ballot question option
Summary
Senators passed a pair of measures on Feb. 20, 2025 to change how the state handles unclaimed property: Senate Bill 155 will create an Unclaimed Property Trust Fund and Senate Joint Resolution 505 (as amended) will refer a constitutional amendment to voters to allow the trust to be invested like other state trust funds.
Senators passed a pair of measures on Feb. 20, 2025 to change how the state handles unclaimed property: Senate Bill 155 will create an Unclaimed Property Trust Fund and Senate Joint Resolution 505 (as amended) will refer a constitutional amendment to voters to allow the trust to be invested consistent with other state trust funds.
Supporters said the two measures together turn an unfunded liability into a long-term asset that can generate investment returns for the benefit of the state and its citizens. The bill passed the Senate by a unanimous vote of 35-0; the joint resolution likewise passed 35-0 and will appear on the next general election ballot if the full legislative process continues.
Senator Howard, sponsor of the bill creating the trust fund, said the legislation will…
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