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Committee advances Department of Revenue bill aiming to return roughly $3.3 billion in unclaimed property
Summary
Senate Bill 403, presented as a Department of Revenue agency bill, seeks to streamline return of approximately $3.3 billion in unclaimed property currently held in the general fund; the Rules Calendar Committee voted unanimously to send the bill to the floor.
Senator Kirkpatrick told the Rules Calendar Committee on Feb. 4 that Senate Bill 403, an agency bill from the Department of Revenue, is intended to address the state's unclaimed property holdings and speed returns to rightful owners. "We currently have ... dollars 3,300,000,000.0 of people's money held in unclaimed property in the general fund," Senator Kirkpatrick said, summarizing the scale the bill seeks to address.
Kirkpatrick said the bill's goal is to return those funds faster with fewer forms, lower costs and fewer administrative barriers. The sponsor offered to supply more detail if requested; the committee recorded no substantive questions.
The Rules Calendar Committee voted by voice to advance Senate Bill 403 to the floor; the motion carried unanimously. No roll-call vote or committee amendments are recorded in the transcript.
The bill will next be considered by the full Senate.
