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H0441...............................................by REVENUE AND TAXATION
UNCLAIMED PROPERTY - Amends existing law relating to unclaimed property to
provide that notices shall not be required to be published for items with a
value of less than one hundred dollars.
01/16 House intro - 1st rdg - to printing
01/17 Rpt prt - to Rev/Tax
01/22 Rpt out - rec d/p - to 2nd rdg
01/23 2nd rdg - to 3rd rdg
01/28 3rd rdg - PASSED - 67-0-3
AYES -- Aikele, Barraclough, Barrett, Bedke, Bell, Bieter, Black,
Block, Boe, Bolz, Bradford, Bruneel, Callister, Campbell, Clark,
Collins, Crow, Cuddy, Deal, Denney, Ellis, Ellsworth, Eskridge,
Field(13), Field(20), Gagner, Hadley, Hammond, Harwood, Henbest,
Higgins, Hornbeck, Jaquet, Kellogg, Kendell, Kunz, Lake, Langford,
Loertscher, Mader, Martinez, McKague, Meyer, Montgomery, Mortensen,
Moyle, Pearce, Pischner, Pomeroy, Raybould, Ridinger, Roberts,
Robison, Sali, Schaefer, Sellman, Shepherd, Smith(33), Smith(23),
Smylie, Stevenson, Stone, Tilman, Trail, Wheeler, Young, Mr. Speaker
NAYS -- None
Absent and excused -- Gould, Jones, Wood
Floor Sponsor - Field(13)
Title apvd - to Senate
01/29 Senate intro - 1st rdg - to Loc Gov
02/07 Rpt out - rec d/p - to 2nd rdg
02/08 2nd rdg - to 3rd rdg
02/12 3rd rdg - PASSED - 33-0-2
AYES -- Andreason, Boatright, Branch(Bartlett), Brandt, Bunderson,
Burtenshaw, Cameron, Darrington, Davis, Deide, Dunklin, Frasure,
Goedde, Hawkins, Hill, Ingram, Ipsen, Keough, King-Barrutia, Little,
Lodge, Marley, Noh, Risch, Sandy, Schroeder, Sims, Sorensen, Stegner,
Stennett, Thorne, Wheeler, Williams
NAYS -- None
Absent and excused -- Geddes, Richardson
Floor Sponsor - Frasure
Title apvd - to House
02/13 To enrol
02/14 Rpt enrol - Sp signed
02/15 Pres signed
02/18 To Governor
02/19 Governor signed
Session Law Chapter 34
Effective: 07/01/02
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 441
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO UNCLAIMED PROPERTY LAW; AMENDING SECTION 14-518, IDAHO CODE, TO
3 PROVIDE THAT THE ADMINISTRATOR OF UNCLAIMED PROPERTY SHALL NOT BE REQUIRED
4 TO PUBLISH NOTICE OF ITEMS WITH A VALUE OF LESS THAN ONE HUNDRED DOLLARS
5 AND TO MAKE A TECHNICAL CORRECTION.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Section 14-518, Idaho Code, be, and the same is hereby
8 amended to read as follows:
9 14-518. NOTICE AND PUBLICATION OF LISTS OF ABANDONED PROPERTY. (1) The
10 administrator shall cause a notice to be published annually each year, at
11 least once a week for two (2) consecutive weeks in newspapers of general cir-
12 culation, or in a published notice distributed, one (1) time only, concur-
13 rently with a newspaper of general circulation in the county of this state in
14 which is located the last known address of any person to be named in the
15 notice. If no address is listed or the address is outside this state, the
16 notice must be published in a newspaper which has general circulation, or in a
17 published notice distributed concurrently with a newspaper which has general
18 circulation in the county in which the holder of the property has its princi-
19 pal place of business within this state. Provided however, the names and
20 addresses located in a state which will receive the accounts because of recip-
21 rocal agreements as permitted by section 14-535, Idaho Code, need not be pub-
22 lished. In the case of a notice which is distributed concurrently with a news-
23 paper, the provisions of section 60-105, Idaho Code, relating to rates for
24 official notices shall not apply.
25 (2) The published notice must be entitled "Notice of Names of Persons
26 Appearing to be Owners of Abandoned Property" and contain:
27 (a) The names in alphabetical order and last known address, if any, of
28 persons listed in the report and entitled to notice;
29 (b) A statement that information concerning the property may be obtained
30 by any person possessing an interest in the property by addressing an
31 inquiry to the administrator;
32 (c) A statement that the property is in the custody of the administrator
33 and all claims must be directed to the administrator; and
34 (d) A statement that the property shall escheat to the state of Idaho and
35 become the property of the state of Idaho if not claimed within ten (10)
36 years after notice is published pursuant to this section.
37 (3) The administrator is not required to publish in the notice any items
38 of less than fifty one hundred dollars ($50.100) unless the administrator con-
39 siders their publication to be in the public interest.
40 (4) This section is not applicable to sums payable on traveler's checks,
41 money orders, and other written instruments presumed abandoned under section
42 14-504, Idaho Code.
STATEMENT OF PURPOSE
RS 11471
This bill relates to the State Tax Commission's obligation to publish
notice of newly acquired accounts under the Unclaimed Property Act.
The threshold over which publication is required is increased from
fifty to one hundred dollars. This threshold has been in effect
since 1980 when it was increased from twenty-five to fifty dollars.
FISCAL IMPACT
Saving in publication cost should increase funds to the unclaimed
property trust fund by about $15,000.
CONTACT
Name: Dan John / Ted Spangler
Agency: Revenue and Taxation (Idaho State Tax Commission)
Phone: 334-7530
Statement of Purpose/Fiscal Impact H 441