HB 958 -- Unclaimed Property

Sponsor:  Lager

This bill changes the laws regarding lost and unclaimed property.
In its main provisions, the bill:

(1)  Specifies that deposit accounts will include savings
accounts, checking accounts, certificates of deposit, and money
market accounts;

(2)  Reduces from seven to three years the period of most
abandonments beginning January 1, 2006;

(3)  Creates the Missouri Legacy Trust Fund, administered by the
State Treasurer's Office.  The fund may receive moneys from
appropriations by the General Assembly, the Abandoned Fund,
interest receipts, donations, or any other payments made by any
public or private entity for the sole purpose of adoption
assistance, crisis pregnancy assistance, and college financial
assistance for those participating in Missouri's 529 College
Savings Plan and for the administration of the trust; and

(4)  Requires, beginning January 1, 2005, that if the calculated
amount of net transfers from the Abandoned Fund to the General
Revenue Fund exceeds $60 million then the excess funds over the
amount will transfer from the Abandoned Fund to the Missouri
Legacy Trust Fund.  Beginning January 1, 2006, and subsequent
fiscal years thereafter, if the transfers from the Abandoned Fund
to the General Revenue Fund reach $15 million then the excess
funds over the amount will transfer to the Missouri Legacy Trust
Fund.

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:21 pm