Bill Text: NC H257 | 2013-2014 | Regular Session | Amended
Bill Title: Unclaimed Property Program Improvements
Spectrum: Slight Partisan Bill (Republican 8-3)
Status: (Passed) 2013-07-18 - Ch. SL 2013-281 [H257 Detail]
Download: North_Carolina-2013-H257-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2013
H 2
HOUSE BILL 257
Senate Finance Committee Substitute Adopted 6/25/13
Short Title: Unclaimed Property Program Improvements. |
(Public) |
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Sponsors: |
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Referred to: |
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March 11, 2013
A BILL TO BE ENTITLED
AN ACT to amend the statutes governing the escheat fund to protect the privacy of information collected for the process of paying claims; to eliminate the fee paid by holders for filing an extension request; to reduce the amount of paperwork required by holders; and to improve the efficiency and effectiveness of processing holder reports.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 116B‑6 reads as rewritten:
"§ 116B‑6. Administration of Escheat Fund; Escheat Account.
…
(i) Records. – Before making a deposit to the
Escheat Fund, or retaining or destroying property, the Treasurer shall record
the name and address of the holder, the name and last known address of each
person appearing from the holder's reports to be entitled to the abandoned
property, the name and last known address of each insured person or annuitant,
the amount or description of the property, and, with respect to each policy or
contract listed in the report of an insurer, its number and the name of the
corporation. The records shall be available for public inspection at all
reasonable business hours. The State Treasurer must maintain the records
it receives from holders who report unclaimed property in accordance with G.S. 116B‑60.
To protect the privacy of the owners of unclaimed property, the information that
may be subject to public inspection will be limited to the information the
State Treasurer is required to annually submit to the clerks of superior court
in accordance with G.S. 116B‑62.
…."
SECTION 2. G.S. 116B‑52(11) reads as rewritten:
"§ 116B‑52. Definitions.
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(11) "Property" means (i) money or tangible personal property held by a holder that is physically located in a safe deposit box or other safekeeping depository held by a financial institution within this State or (ii) a fixed and certain interest in intangible property that is held, issued, or owed in the course of a holder's business, or by a government, governmental subdivision, agency, or instrumentality, and all income or increments therefrom. The term includes property that is referred to as or evidenced by:
a. Money, a check, draft, deposit, interest, or dividend;
b. Credit balance, customer's overpayment, gift certificate, security deposit, refund, credit memorandum, unpaid wage, unused ticket, mineral proceeds, or unidentified remittance;
c. Stock or other evidence of ownership of an interest in a business association;
d. A bond, debenture, note, or other evidence of indebtedness;
e. Money deposited to redeem stocks, bonds, coupons, or other securities, or to make distributions;
f. An amount due and payable under the terms of an annuity or insurance policy, including policies providing life insurance, property and casualty insurance, workers' compensation insurance, or health and disability insurance; and
g. An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits.
…."
SECTION 3. G.S. 116B‑60 reads as rewritten:
"§ 116B‑60. Report of abandoned property; certification by holders with tax return.
(a) A holder of property presumed abandoned shall make
a report to the Treasurer concerning the property. Holders reporting 50 or more
property owner records shall file the report in an electronic format prescribed
by the Treasurer. Holders reporting less than 50 property owner records may
file the report electronically. Holders reporting electronically may file an
electronically signed affidavit in order to comply with subsection (f) of this
section.Holders reporting electronically may file an electronic
certification and verification in order to comply with subsection (f) of this
section.
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(e) Before the date for filing the report, the holder
of property presumed abandoned may request the Treasurer to extend the time for
filing the report. A request for an extension for filing a report shall be
accompanied by an extension processing fee of ten dollars ($10.00). The
Treasurer may grant the extension for good cause. The holder, upon receipt of
the extension, may make an interim payment on the amount the holder estimates
will ultimately be due, which terminates the accrual of additional interest on
the amount paid.
(f) The holder of property presumed abandoned
shall file with the report an affidavit stating that the holder has complied
with G.S. 116B‑59. shall file with the report a certification
and verification that the holder has complied with G.S. 116B‑59.
…."
SECTION 4. This act is effective when it becomes law and applies to reports filed or records created on or after that date.