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Committee updates safety-deposit box dormancy period from seven to five years
Summary
SB80, which reduces the dormancy/reference period for safety-deposit box property from seven years to five to align with the Unclaimed Property Law, passed the Insurance & Commerce Committee by voice vote.
The Insurance & Commerce Committee approved Senate Bill 80, a limited technical change that aligns the banking code’s treatment of safety-deposit box contents with the state’s Unclaimed Property Law by moving a referenced dormancy period from seven years to five years.
John Allen of the Arkansas State Bank Department said the Unclaimed Property Law had been changed previously to five years and that a cross-reference in the banking code had not been updated at the same time. "So we're just bringing this in line with the Unclaimed Property Law," Allen told the committee.
No members of the public testified for or against the change on the record. The committee took a motion, seconded it, and approved SB80 by voice vote. The chair thanked members and the committee adjourned after making several housekeeping announcements about other bills and scheduling.
SB80 will proceed for further consideration in the legislative process.
