AB 417

Under current law, a person may claim an interest in abandoned, intangible

property by filing a claim with the state treasurer. Intangible property is presumed

to be abandoned if it is held, issued, or owing in the ordinary course of a holder's

business and it has remained unclaimed by the owner for more than five years after

it became payable or distributable. Current law requires the state treasurer to

consider each claim within 90 days after the claim is filed. The state treasurer may

also refer a claim to the attorney general for an opinion on whether to either allow

the claim or deny the claim in whole or in part.

A person aggrieved by a decision of the state treasurer or whose claim has not

been acted upon within 90 days (claimant) may, under current law, bring an action

to establish the claim in circuit court. If, in circuit court, the claimant establishes

the claim against the state treasurer, the court must award costs and reasonable

attorney fees to the claimant.

This bill permits a claimant to petition for judicial review of the decision or

inaction of the state treasurer under chapter 227 of the statutes; chapter 227

establishes uniform procedures for the review of administrative actions and

decisions. The bill also eliminates the mandatory award of costs and reasonable

attorneys fees to a claimant who prevails against the state treasurer in circuit court

in those cases in which the circuit court determines the state treasurer was

substantially justified in taking its position or in which special circumstances exist

that would make the award of costs and attorney fees unjust.

This bill is explained in the

Notes

provided by the Joint Legislative Council in

the bill.