UNCLMD PROPRTY-AGRCULTURL COOP
Synopsis of Bill as introduced:
Amends the Uniform Disposition of Unclaimed Property Act.
Provides that funds held or owing by certain agricultural cooperatives
are presumed abandoned if any qualified notice of allocation,
including capital stock issued as patronage distributions or to
reflect membership in or other capital stock, capital stock credits
issued, or dividends by an agricultural cooperative has remained
unclaimed for more than 7 years. Provides that the unclaimed
qualified notices of allocation, capital stock, capital stock credits,
or dividends shall not be subject to, or governed by, any other
provisions of the Uniform Disposition of Unclaimed Property Act, but
rather shall be used by the agricultural cooperative for the general
membership of the agricultural cooperative.
FISCAL NOTE (Dept. of Agriculture)
HB2315 will have no fiscal impact on the Dept. of Agriculture.
HOUSE AMENDMENT NO. 1.
Changes from 7 to 5 years the amount of time a qualified notice
of allocation must remain unclaimed before the funds will be presumed
FISCAL NOTE, H-AM 1 (Dept. of Agriculture)
HB 2315 will have no fiscal impact on this Dept.
FISCAL NOTE, H-AM 1 (Dpt. of Financial Institutions)
HB 2315 would have a minimal fiscal impact.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status