Stricken language would be deleted from and underlined language would be added to present law.
Act 430 of the Regular Session
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State of Arkansas 1
95th General Assembly A Bill 2
Regular Session, 2025 SENATE BILL 454 3
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By: Senator Hill 5
By: Representative Childress 6
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For An Act To Be Entitled 8
AN ACT TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY 9
FUNDS; TO AMEND THE LAW CONCERNING THE DEPOSIT AND 10
INVESTMENT OF UNCLAIMED PROPERTY FUNDS; TO CREATE THE 11
UNCLAIMED PROPERTY INTEREST TRUST FUND; TO DECLARE AN 12
EMERGENCY; AND FOR OTHER PURPOSES. 13
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Subtitle 16
TO AMEND THE LAW CONCERNING UNCLAIMED 17
PROPERTY FUNDS; TO AMEND THE LAW 18
CONCERNING THE DEPOSIT AND INVESTMENT OF 19
UNCLAIMED PROPERTY FUNDS; TO CREATE THE 20
UNCLAIMED PROPERTY INTEREST TRUST FUND; 21
AND TO DECLARE AN EMERGENCY. 22
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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 24
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SECTION 1. Arkansas Code § 18 -28-213(b), concerning the deposit of 26
unclaimed property funds, is amended to read as follows: 27
(b)(1) At the end of each fiscal year, the administrator shall 28
withdraw from the Unclaimed Property Proceeds Interest Trust Fund an amount 29
necessary to reimburse the State Central Services Fund, or its successor fund 30
or fund account, for moneys expended for personal services and operating 31
expenses of administering and enforcing this subchapter. 32
(2) If there are insufficient funds available in the Unclaimed 33
Property Interest Trust Fund to reimburse the State Central Services Fund, or 34
its successor fund or fund account, in a fiscal year as required under 35
subdivision (b)(1) of this section, the administrator shall withdraw the 36 SB454
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remaining amount owed to the State Central Services Fund, or its successor 1
fund or fund account, under this subsection from the Unclaimed Property 2
Proceeds Trust Fund. 3
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SECTION 2. Arkansas Code § 18 -28-213(c)(2), concerning the deposit of 5
unclaimed property funds is amended to read as follows: 6
(2) At least one (1) time each fiscal year, the administrator 7
shall transfer to the general revenues of the state eighteen million dollars 8
($18,000,000) from the remaining funds that have been collected and held for 9
a full three (3) years, less the amount transferred to the State Central 10
Services Fund, or its successor fund or fund account, under subsection (b) of 11
this section as required by this subchapter. 12
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SECTION 3. Arkansas Code § 19 -3-603(4), concerning the entities that 14
may deposit money into the State Treasury Money Management Trust for the 15
purpose of investment, is amended to read as follows: 16
(4)(A) The Auditor of State may invest funds subject to the 17
unclaimed property provisions of the Unclaimed Property Act, § 18 -28-201 et 18
seq., in the State Treasury Money Management Trust. 19
(B) Any interest received under § 19 -3-604 from the 20
investment of funds under this subdivision (4) shall be deposited into the 21
Unclaimed Property Interest Trust Fund. 22
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SECTION 4. Arkansas Code Title 19, Chapter 5, Subchapter 11, is 24
amended to add an additional section to read as follows: 25
19-5-1161. Unclaimed Property Interest Trust Fund. 26
(a) There is created on the books of the Treasurer of State, the 27
Auditor of State, and the Chief Fiscal Officer of the State a trust fund to 28
be known as the “Unclaimed Property Interest Trust Fund”. 29
(b) The Unclaimed Property Interest Trust Fund shall consist of: 30
(1) Interest earned from the investment of funds in the 31
Unclaimed Property Proceeds Trust Fund and the Abandoned Mineral Proceeds 32
Trust Fund under § 19 -3-603(4); 33
(2) Any remaining fund balances carried forward from year to 34
year; and 35
(3) Any other funds authorized or provided by law. 36 SB454
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(c) The Unclaimed Property Interest Trust Fund shall be used by the 1
Auditor of State as follows, in order of priority as the amount in the 2
Unclaimed Property Interest Trust Fund permits: 3
(1) First, the amount necessary to reimburse the State Central 4
Services Fund, or its successor fund or fund account, under § 18 -28-213(b) 5
shall be transferred to the State Central Services Fund, or its successor 6
fund or fund account; and 7
(2) Second, the amount necessary to reimburse the Unclaimed 8
Property Proceeds Trust Fund for any liabilities incurred during previous 9
fiscal years in which the amount in the Unclaimed Property Interest Trust 10
Fund was insufficient to reimburse the State Central Services Fund, or its 11
successor fund or fund account, under subdivision (c)(1) of this section 12
shall be transferred to the Unclaimed Property Proceeds Trust Fund. 13
(d) Moneys remaining in the Unclaimed Property Interest Trust Fund at 14
the end of each fiscal year shall carry forward and be made available for the 15
purposes stated in this section in the next fiscal year. 16
(e) The Auditor of State shall maintain accounting and other records 17
necessary to ensure compliance with this section and shall provide any 18
records maintained under this section to Arkansas Legislative Audit upon 19
request. 20
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SECTION 5. EMERGENCY CLAUSE. It is found and determined by the 22
General Assembly of the State of Arkansas that the Unclaimed Property 23
Proceeds Trust Fund is used to reimburse the State Central Services Fund each 24
fiscal year for the operations and personnel costs incurred in administering 25
the unclaimed property program; that the transfer of funds from the Unclaimed 26
Property Proceeds Trust Fund to the State Central Services Fund creates a 27
liability that flows from the State Central Services Fund to the Unclaimed 28
Property Proceeds Trust Fund; that this bill would halt the growing liability 29
by segregating the privately owned principal in the Unclaimed Property 30
Proceeds Trust Fund from the state -owned interest derived from the investment 31
of the funds in the Unclaimed Property Proceeds Trust Fund; and that this act 32
is necessary because this act will enable the new Unclaimed Property Interest 33
Trust Fund to build a balance in anticipation of the required reimbursement 34
to the State Central Services Fund, which will reduce the unfunded liability 35
created under current law. Therefore, an emergency is declared to exist, and 36 SB454
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this act being necessary for the preservation of the public peace, health, 1
and safety shall become effective on July 1, 2025. 2
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APPROVED: 4/3/25 5
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