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HF 3845

as introduced - 90th Legislature (2017 - 2018) Posted on 03/15/2018 02:23pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to commerce; establishing the unclaimed property account; transferring
money; appropriating money; amending Minnesota Statutes 2016, section 345.48.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2016, section 345.48, is amended to read:


345.48 DEPOSIT OF FUNDS.

Subdivision 1.

Commissioner's duties.

All funds received under sections 345.31 to
345.60, including the proceeds from the sale of abandoned property pursuant to section
345.47, shall forthwith be deposited by the commissioner in the deleted text begin general fund of the statedeleted text end new text begin
unclaimed property account created in subdivision 3
new text end after deduction of the fees and expenses
provided for in section 345.485; except that unclaimed restitution payments held by a court
under section 345.38 shall be deposited in the crime victim and witness account created in
section 611A.612. Before making the deposit the commissioner shall record the name and
last known address of each person appearing from the holders' reports to be entitled to the
abandoned property and of the name and last known address of each policyholder, insured
person, or annuitant, and with respect to each policy or contract listed in the report of a life
insurance corporation, its number, the name of the corporation, and the amount due. The
record shall be available for public inspection at all reasonable business hours.

new text begin Subd. 3. new text end

new text begin Unclaimed property account. new text end

new text begin (a) An unclaimed property account is established
as an account in the special revenue fund of the state treasury. The commissioner of
management and budget shall credit to the account the amounts authorized under this section
and appropriations and transfers to the account. The State Board of Investment shall ensure
that account money is invested under section 11A.24. All money earned by the account
must be credited to the account. The principal of the account and any unexpended earnings
must be invested and reinvested by the State Board of Investment.
new text end

new text begin (b) Earnings in the unclaimed property account are annually appropriated to the
commissioner of commerce for efforts to return unclaimed property to owners.
new text end

Sec. 2. new text begin TRANSFER TO UNCLAIMED PROPERTY ACCOUNT.
new text end

new text begin By July 1, 2018, the commissioner of management and budget, in consultation with the
commissioner of commerce, shall transfer to the unclaimed property account created under
Minnesota Statutes, section 345.48, subdivision 3, all amounts held in the general fund of
the state that are attributable to unclaimed property.
new text end