03RS HB211


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HB 211/FN (BR 506) - M. Denham

     AN ACT relating to unclaimed property.
     Amend KRS 393.010 to define "abandoned property fund"; amend KRS 393.110 to establish the procedure for advertising the annual report on abandoned property; amend KRS 393.160 to provide for an administrative hearing for persons aggrieved by a decision or inaction on the part of the Department of Treasury regarding unclaimed property; amend KRS 393.250 to require expenses for administration of Chapter 393 to be paid out of the abandoned property fund; amend KRS 393.280 to permit the State Treasurer to promulgate administration regulations.


     HFA (1, M. Denham) - Amend KRS 393.280 to permit the State Treasurer to delegate duties of the program to any employee of the department.

     SCS/FN - Retain the original provisions and amend to exempt from abandoned property wages and salaries of $50 or less that are not claimed by an employer within 1 year of the date the wages or salaries are earned; create a new section of KRS Chapter 393 to provided that unclaimed property payable or distributable in the course of a demutalizaiton of an insurance company is presumed abandoned the earlier of 3 years after the date of the last contact with the policy holder or the date the property became payable or distributable; amend KRS 393.020, 393.062, 393.064, 393.066, 393.080, and 393.010 to reduce from 7 to 3 years when property is presumed abandoned.

     Jan 10-introduced in House
     Feb 4-to State Government (H)
     Feb 5-posted in committee
     Feb 21-reported favorably, 1st reading, to Calendar; floor amendment (1) filed
     Feb 24-2nd reading, to Rules
     Feb 26-posted for passage in the Regular Orders of the Day for Thursday, February 27, 2003
     Feb 27-3rd reading, passed 93-0 with floor amendment (1)
     Feb 28-received in Senate
     Mar 3-to Appropriations and Revenue (S)
     Mar 4-reported favorably, 1st reading, to Calendar with Committee Substitute
     Mar 5-2nd reading, to Rules
     Mar 6-posted for passage in the Regular Orders of the Day for Thursday, March 6, 2003; 3rd reading, passed 38-0 with Committee Substitute
     Mar 10-received in House; posted for passage for concurrence in Senate Committee Substitute ; House concurred in Senate Committee Substitute ; passed 84-10
     Mar 11-enrolled, signed by each presiding officer; delivered to Governor
     Mar 18-signed by Governor (Acts ch. 95)

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