An Act relative to unclaimed property
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, An Act relative to unclaimed property, aims to address the process and management of unclaimed property in Massachusetts. It likely seeks to clarify procedures, improve access for individuals to recover their property, and potentially streamline the handling of unclaimed assets by state agencies. The bill is currently under consideration by the Financial Services committee.
Key provisions
- Clarifies procedures for reporting unclaimed property.
- Establishes requirements for maintaining records of unclaimed property.
- Addresses the process for returning unclaimed property to rightful owners.
- Potentially outlines a timeframe for agencies to dispose of unclaimed property.
- May include provisions for increased public awareness regarding unclaimed property.
- Could establish a process for reviewing and updating unclaimed property regulations.
Who is affected
- Individuals who may have unclaimed property in state possession.
- State agencies responsible for managing unclaimed property.
- Financial institutions and businesses that may transfer unclaimed property to state agencies.
- The general public, as unclaimed property often belongs to citizens.
Notable changes
- The bill is currently in committee review, indicating ongoing revisions and potential adjustments.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Steven Ultrino
Cosponsor
Steven Ultrino
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