On page 1, after line 3, of the Introduced bill, insert: "
Section 1. That § 43-41B-24 be AMENDED:
43-41B-24. Except
as otherwise provided by this section, the administrator shall
promptly deposit in the general fund
of this state
all moneys received under this chapter, including the proceeds from
the sale of abandoned property under § 43-41B-23,
not to exceed the general fund contribution limit, as defined in
section 3 of this Act, in a fiscal year.
The administrator shall
retain
maintain
in a separate
trust
unclaimed property operating
fund an amount not more than five hundred thousand dollars from which
the administrator must make prompt payment of claims duly allowed.
Before making the deposit, the administrator must record the name and
last known address of each person appearing from the holders' reports
to be entitled to the property and the name and last known address of
each insured person or annuitant and beneficiary, and with respect to
each policy or contract listed in the report of an insurance company,
its number, the name of the company, and the amount due. The record
must be available for public inspection at all reasonable business
hours."
On page 1, after line 3, of the Introduced bill, insert: "
Section 2. That § 43-41B-24.1 be AMENDED:
43-41B-24.1. Money
in the unclaimed property
trust
operating
fund for the payment of claims and costs incurred in examining
records of holders of property and in collecting the property from
those holders is continuously appropriated. Expenditures for claims
and costs incurred in examining records of holders of property and in
collecting the property from those holders must be paid upon warrants
drawn by the state auditor pursuant to vouchers authorized by the
state treasurer. All moneys paid out by the state treasurer for
claims and costs incurred in examining records of holders of property
and in collecting the property from those holders under chapter
43-41B must be set forth in an informational budget as described in
§ 4-7-7.2 and be annually reviewed by the Legislature."
On page 1, after line 3, of the Introduced bill, insert: "
Section 3. That a NEW SECTION be added to chapter 43-41B:
For purposes of § 43-41B-24, "general fund contribution limit" means an amount equal to the cost of operational expenses for the Unclaimed Property Division in each of the following fiscal years plus:
(1) For fiscal year 2026, $61,384,827;
(2) For fiscal year 2027, $58,000,000;
(3) For fiscal year 2028, $54,000,000.
(4) For fiscal year 2029, $50,000,000.
(5) For fiscal year 2030, $46,000,000.
(6) For fiscal year 2031, $42,000,000.
(7) For fiscal year 2032, $38,000,000.
(8) For fiscal year 2033, $34,000,000.
(9) For fiscal year 2034, $30,000,000; and
(10) For fiscal year 2035 and each fiscal year thereafter, $25,000,000. "
On page 1, line 7, of the Introduced bill, delete " 2" and insert " 3"
On page 1, line 10, of the Introduced bill, delete " 2" and insert " 5"
On page 1, line 10, of the Introduced bill, delete "Expenditures" and insert "Interest earnings"
On page 1, line 11, of the Introduced bill, delete " 2" and insert " 5"
On page 1, line 11, of the Introduced bill, after "Act" insert " or expended by special appropriation"
On page 1, line 11, of the Introduced bill, after "Act." insert " Moneys comprising the principal amount in the trust fund for unclaimed property may not be appropriated by the general appropriations act or by special appropriation. "
On page 1, line 13, of the Introduced bill, delete "Upon the conclusion of" and insert "Beginning in"
On page 1, line 13, of the Introduced bill, after "2026" insert " and each fiscal year thereafter"
On page 1, line 13, of the Introduced bill, after "paying " insert "from the unclaimed operating fund "
On page 1, line 15, of the Introduced bill, delete " a maximum of sixty-two million dollars" and insert " the general fund contribution limit, as established in section 3 of this Act"
On page 1, line 17, of the Introduced bill, after "dollars." delete "Upon the conclusion of fiscal year 2027, and upon the conclusion of each fiscal year thereafter, the maximum amount of net receipts that the state treasurer shall deposit into the general fund, in accordance with this Act, is reduced by ten million dollars annually, until the maximum amount of net receipts deposited into the general fund equals zero.
"
On page 1, line 21, of the Introduced bill, delete " maximum deposit requirements of this section" and insert " general fund contribution limit as defined in section 3 of this Act,"
On page 1, line 25, of the Introduced bill, delete " 2028" and insert " 2031"