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S 4109

Extends the term for claiming unclaimed property from three to five years

2025 Regular Session Introduced by Leroy Comrie

Bill S 4109 extends the claim period for unclaimed property from three to five years, allowing more time for rightful owners to recover their assets.

REFERRED TO FINANCE
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Bill Summary · S 4109

Summary of Bill S 4109

Overview

Bill Number: S 4109
Title: Extends the term for claiming unclaimed property from three to five years
Status: Referred to Finance
Introduced: February 03, 2025
Classification: Bill

Purpose and Intent

The primary purpose of Bill S 4109 is to extend the time frame in which individuals can claim unclaimed property from three years to five years. This change aims to provide additional time for rightful owners to recover their property, which may include financial assets, personal belongings, or other forms of unclaimed property.

Key Provisions

  • Extension of Claim Period: The bill proposes to increase the duration for claiming unclaimed property from the current three years to five years.
  • Administrative Adjustments: The bill may require adjustments in the administration of unclaimed property laws to accommodate the extended claim period, although specific administrative changes are not detailed in the current version.

Impact

  • Affected Parties:

    • Property Owners: Individuals who may have unclaimed property will benefit from the extended time frame, allowing them more opportunities to claim their assets.
    • State Agencies: Agencies responsible for managing unclaimed property may experience changes in their operational procedures and reporting requirements due to the extended claim period.

  • Potential Benefits:

    • Increased recovery rates for individuals who may not have been aware of their unclaimed property.
    • Enhanced public awareness regarding unclaimed property and the processes involved in claiming it.

Procedural Aspects

  • The bill was introduced on February 03, 2025, and has been referred to the Finance Committee for further consideration.
  • As of now, there are no scheduled hearings or votes on the bill, and its future progress will depend on the committee's review and recommendations.

Related Legislation

Bill S 4109 is part of a series of related bills from prior sessions, including:
- S 7803
- S 1105
- S 5385
- S 5552
- S 2590

These related bills may provide context or additional insights into the legislative history and ongoing discussions surrounding unclaimed property laws.

Conclusion

Bill S 4109 seeks to enhance the rights of property owners by extending the time allowed for claiming unclaimed property. By increasing the claim period from three to five years, the bill aims to improve the chances of recovery for individuals and potentially streamline the management of unclaimed assets by state agencies. Further developments will depend on the Finance Committee's review and subsequent legislative actions.

Compiled from official sources — confirm details with the bill’s official record.

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