HB 2035 -- Unclaimed Property

Sponsor:  Cunningham (145)

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 five years the period of most
abandonments beginning January 1, 2006;

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

(4)  Requires that, beginning July 1, 2006, and each fiscal year
thereafter, the first $20 million transferred from the Abandoned
Fund Account will go to general revenue and any excess over that
amount will go to the Missouri Legacy Trust Fund.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:45 am