Sponsored by:
Senator ROBERT M. GORDON
District 38 (Bergen and Passaic)
SYNOPSIS
Authorizes the Unclaimed Property Administrator to verify certain governmental debts before delivering abandoned property.
CURRENT VERSION OF TEXT
As introduced.
An Act authorizing the Unclaimed Property Administrator to verify certain governmental debts before delivering abandoned property, supplementing Title 46 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. If a person is allowed a claim for unclaimed property filed pursuant to R.S.46:30B-77, the Administrator shall treat the payment as a refund of tax for the limited purpose of satisfying debt, if any, through the Setoff of Individual Liability program established pursuant to section 1 of P.L.1981, c.239 (C.54A:9-8.1).
2. This act shall take effect immediately and apply to claims submitted to the Administrator on or after the date of enactment.
STATEMENT
This bill authorizes the Unclaimed Property Administrator to verify certain governmental debts before delivering abandoned property. The purpose of this bill is to integrate the unclaimed property administration's claim process with the Department of the Treasury's Setoff of Individual Liability (SOIL) program to recover outstanding government debt.
The bill is the result of a recommendation from the State Auditor's examination of the Unclaimed Property Administration. For State Fiscal Year 2015, the State Auditor found that $1.3 million of unclaimed property claims were paid, which could have been used to recover outstanding SOIL debt. This bill requires the Unclaimed Property Administration to check if a claimant owes SOIL debt before fulfilling an unclaimed property claim.
The bill is scheduled to take effect immediately and apply to claims submitted on or after the date of enactment.