HB 0264

HB 264 - AS INTRODUCED

AN ACT relative to the state treasurer and relative to certain unclaimed or abandoned property.

SPONSORS: Rep. Dyer, Hills 8

I. Allows the state treasurer to invest in funds which the treasurer deems prudent and which have been approved by the governor and council.

II. Authorizes the state treasurer to require a state department or institution to reimburse the office of the state treasurer for the cost of processing uncollectable instruments.

IV. Amends the procedure relative to the location, delivery, or recovery of property.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

AN ACT relative to the state treasurer and relative to certain unclaimed or abandoned property.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 State Treasurer and State Accounts; Investment of Funds Amended. Amend RSA 6:8 to read as follows:

6:8 Investment of Funds. All funds over which the state has exclusive control, aside from such sums of money as the treasurer may deem necessary to hold or deposit for meeting current expenses, shall be invested by the treasurer, with the approval of the governor and council, in obligations of the United States government, in obligations of any municipal government or district or division thereof within the state of New Hampshire, in obligations which are legal investments for savings banks and trust companies, in all types of savings accounts, in participation units in the public deposit investment pool established pursuant to RSA 383:22, in certificates of deposit of state or federally chartered banking institutions within New Hampshire, or in certificates of deposit of national banks within the commonwealth of Massachusetts, or any other type of investment deemed prudent by the treasurer and approved by the governor and council.

2 New Paragraph; State Treasurer and State Accounts; Return of Checks, Drafts, and Money Orders Amended. Amend RSA 6:11-a by inserting after paragraph III the following new paragraph:

IV. The state treasurer may require a state department or institution to reimburse the office of the state treasurer all costs associated with processing any check, draft, or money order issued to any state department or institution in payment of a fee, license, or product which is returned to such department or institution as uncollectable.

3 Unclaimed or Abandoned Property; Public Sale of Abandoned Property; Procedure Amended. Amend RSA 471-C:24, III-IV to read as follows:

III. Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities, other than those presumed abandoned under RSA 471-C:10, delivered to the administrator [~~shall be held for at least one year before the administrator may sell them~~] may be sold upon receipt.

IV. Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under RSA 471-C:10 and delivered to the administrator [shall be held for at least one year before the administrator may sell them. If the administrator sells any securities delivered pursuant to RSA 471-C:10 before the expiration of the one-year period, any person making a claim pursuant to this chapter before the end of the one-year period is entitled to either the proceeds of the sale of the securities or the market value of the securities at the time the claim is made, whichever amount is greater, less any deduction for fees pursuant to RSA 471-C:25, II] may be sold upon receipt. A person making a claim under this chapter after the expiration of this period is entitled to receive either the securities delivered to the administrator by the holder, if they still remain in the hands of the administrator, or the proceeds received from sale, less any amount deducted pursuant to RSA 471-C:25, II, but no person has any claim under this chapter against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the administrator.

4 Unclaimed or Abandoned Property; Reported Property Amended. Amend RSA 471-C:39, II to read as follows:

II.(a) An agreement to pay compensation to recover or assist in the recovery of unclaimed property shall be valid only if the agreement is in writing and signed by the apparent owner, sets forth the nature [~~and value~~] of the property [and the value of the apparent owner's share after], the fee or compensation [~~has been deducted~~] owed, and contains the following disclosure: "Each state maintains an office of abandoned property. Generally, if for a number of years an owner of property has not communicated in writing directly with the holder of the property and has not otherwise indicated an interest in the property, the property may be transferred to the office of abandoned property which will act as custodian of the property for the owner."

(b) All funds or property located by any person, firm, business, or other entity which seeks compensation for locating such property, shall be delivered by the holder of the property directly to the owner or apparent owner of the property unless the party locating the property presents to the holder a power of attorney from the owner or apparent owner authorizing such delivery.