HB438 Alabama 2012 Session

Under existing law, the Uniform Disposition of Unclaimed Property Act of 2004 concerns the receipt and disposition by the State Treasurer of various unclaimed property

This bill would allow banks to treat all deposit products equally regarding abandonment and would allow all payment instruments issued by the state to be remitted to unclaimed property for the benefit of the payee at expiration

This bill would require a holder to electronically report with certain exceptions

This bill would clarify the delivery of and the receipt of property from another state

This bill would allow a surviving parent to claim abandoned property from a child who died intestate

This bill would clarify property received by early reporting

This bill would also provide protection to consumers who claim their property through a third-party source

To amend Sections 35-12-72, 35-12-76, 35-12-79, 35-12-82, 35-12-84, 35-12-86, and 35-12-93, Code of Alabama 1975, relating to the Uniform Disposition of Unclaimed Property Act of 2004; to allow banks to treat all deposit products equally regarding abandonment, and allow all payment instruments issued by the state to be remitted to unclaimed property for the benefit of the payee upon expiration; to clarify reporting guidelines; to protect the state when receiving property, and the holder when remitting property; to clarify state-to-state delivery of property; to allow a surviving parent to claim abandoned property from a child who died intestate; to clarify property received by early reporting; and to protect consumers when claiming their property through a third-party source.