Virginia House Bill 2398 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 20 2015 - 25% progression, died in committee
Action: 2015-02-27 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Introduced) [HTML]

Escheat of unclaimed U.S. savings bonds. Establishes a procedure for the escheat to the Commonwealth of unclaimed U.S. savings bonds. The measure declares that U.S. savings bonds held or owing in the Commonwealth by any person, issued or owed in the course of a holder's business, or held by a state or other government, governmental subdivision, agency, or instrumentality are presumed to be abandoned in the Commonwealth if (i) the last known address of the owner is in the Commonwealth and (ii) the savings bond has remained unclaimed and unredeemed for five years after final maturity. Such bonds that are presumed abandoned shall escheat to the Commonwealth one year after such bonds are presumed abandoned, provided that the administrator obtains a court judgment affirming the escheat. The administrator is required to redeem such bonds that have escheated to the Commonwealth, and the balance of proceeds shall be deposited into the Literary Fund pursuant to Article VIII, Section 8 of the Constitution of Virginia.

U.S. savings bonds; establishes a procedure for the escheat of unclaimed bonds.

Del. Lee Ware [R]

Date	Chamber	Action
2015-02-27	House	Left in Commerce and Labor
2015-02-20	House	Referred to Committee on Commerce and Labor
2015-02-20	House	Presented and ordered printed 15105182D
2015-02-20	House	Introduced at the request of Governor

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?151+sum+HB2398
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB2398+hil