SB 527

This bill provides an alternate method for a county treasurer to provide notice

of certain unclaimed money or securities.

Under current law, in every odd-numbered year, each officer of a municipality

and county must provide a report to the county treasurer listing all persons for whom

the officer holds money or security which has not been claimed for at least one year.

The treasurer must then publish a legal notice in a newspaper or other publication

once a week for three consecutive weeks (class 3 notice) containing the names and

last-known addresses of the owners of unclaimed money or security with a value of

at least $10. If the money or security is not claimed within six months, the treasurer

takes possession of the money or security and deposits it in the county's general fund.

If the money is not claimed within ten years, the money or property becomes the

property of the county.

Also under current law, in every odd-numbered year, the circuit court clerk

must provide a report to the county treasurer listing all money, securities, or funds

in the clerk's possession for which no proceedings in the case have occurred for four

or more years. One year after providing the report, the clerk must then turn over any

remaining unclaimed funds to the county treasurer. After receiving the funds, the

treasurer must publish a class 3 notice of the fact that he or she is in possession of

the unclaimed funds. If no legal claim is made within 90 days of the last publication,

the treasurer deposits the money in the county's general fund.

Under this bill, in either of the situations described above, the county treasurer

must provide a legal notice containing the names and last-known addresses of the

owners of unclaimed money or securities with a value of at least $20. In each

situation, the treasurer may provide this notice by either: 1) providing a class 3 notice

containing the names and last-known addresses of the owners of unclaimed money

or securities with a value of at least $20; or 2) providing a single legal notice (class

1 notice) containing the names and last-known addresses of the owners of unclaimed

money or security with a value of at least $20 followed by a legal notice for two

consecutive weeks (class 2 notice) that a list of names and last-known addresses of

the owners of unclaimed money or security that has a value of at least $20 is available

on the county's Internet site and at the treasurer's office.