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Committee advances bill to raise treasurer’s unclaimed-property fee from 4% to 6%
Summary
House Bill 4311, sponsored by Representative Blair, would raise the unclaimed-property office’s administrative fee from 4% to 6% (4% set in 2003). Sponsor said the increase would cover overhead and would not reduce claimants’ recoveries; the committee voted to pass the measure.
Representative Blair told the committee House Bill 4311 seeks to increase the treasurer’s unclaimed-property administration fee from 4% to 6% to cover rising operating costs such as salaries and IT. He said the fee increase does not come out of general appropriated funds but from interest generated on unclaimed property.
A committee member asked whether the change would reduce the amount claimants receive; Blair responded, "If they have $100 of unclaimed property, this change or not, they'll receive the full $100." He also reported the treasurer’s office believes there is sufficient unclaimed property and interest to support the fee increase without creating long-term shortfalls.
A 'do pass' motion was made and seconded and the chair informed the committee the bill had passed and would be reported out (no detailed numeric tally recorded in the transcript). The sponsor thanked the committee.
