Arkansas 2025 Regular Session

Arkansas Senate Bill SB454 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		Stricken language would be deleted from and underlined language would be added to present law.
2		-	Act 430 of the Regular Session
3	2		JLL265 03/13/2025 10:14:30 AM JLL265
4	3		State of Arkansas 1
5	4		95th General Assembly A Bill 2
6	5		Regular Session, 2025 SENATE BILL 454 3
7	6		4
8	7		By: Senator Hill 5
9	8		By: Representative Childress 6
10	9		7
11	10		For An Act To Be Entitled 8
12	11		AN ACT TO AMEND THE LAW CONCERNING UNCLAIMED PROPERTY 9
13	12		FUNDS; TO AMEND THE LAW CONCERNING THE DEPOSIT AND 10
14	13		INVESTMENT OF UNCLAIMED PROPERTY FUNDS; TO CREATE THE 11
15	14		UNCLAIMED PROPERTY INTEREST TRUST FUND; TO DECLARE AN 12
16	15		EMERGENCY; AND FOR OTHER PURPOSES. 13
17	16		14
18	17		15
19	18		Subtitle 16
20	19		TO AMEND THE LAW CONCERNING UNCLAIMED 17
21	20		PROPERTY FUNDS; TO AMEND THE LAW 18
22	21		CONCERNING THE DEPOSIT AND INVESTMENT OF 19
23	22		UNCLAIMED PROPERTY FUNDS; TO CREATE THE 20
24	23		UNCLAIMED PROPERTY INTEREST TRUST FUND; 21
25	24		AND TO DECLARE AN EMERGENCY. 22
26	25		23
27	26		BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 24
28	27		25
29	28		SECTION 1. Arkansas Code § 18 -28-213(b), concerning the deposit of 26
30	29		unclaimed property funds, is amended to read as follows: 27
31	30		(b)(1) At the end of each fiscal year, the administrator shall 28
32	31		withdraw from the Unclaimed Property Proceeds Interest Trust Fund an amount 29
33	32		necessary to reimburse the State Central Services Fund, or its successor fund 30
34	33		or fund account, for moneys expended for personal services and operating 31
35	34		expenses of administering and enforcing this subchapter. 32
36	35		(2) If there are insufficient funds available in the Unclaimed 33
37	36		Property Interest Trust Fund to reimburse the State Central Services Fund, or 34
38	37		its successor fund or fund account, in a fiscal year as required under 35
39	38		subdivision (b)(1) of this section, the administrator shall withdraw the 36 SB454
40	39
41	40		2 03/13/2025 10:14:30 AM JLL265
42	41		remaining amount owed to the State Central Services Fund, or its successor 1
43	42		fund or fund account, under this subsection from the Unclaimed Property 2
44	43		Proceeds Trust Fund. 3
45	44		4
46	45		SECTION 2. Arkansas Code § 18 -28-213(c)(2), concerning the deposit of 5
47	46		unclaimed property funds is amended to read as follows: 6
48	47		(2) At least one (1) time each fiscal year, the administrator 7
49	48		shall transfer to the general revenues of the state eighteen million dollars 8
50	49		($18,000,000) from the remaining funds that have been collected and held for 9
51	50		a full three (3) years, less the amount transferred to the State Central 10
52	51		Services Fund, or its successor fund or fund account, under subsection (b) of 11
53	52		this section as required by this subchapter. 12
54	53		13
55	54		SECTION 3. Arkansas Code § 19 -3-603(4), concerning the entities that 14
56	55		may deposit money into the State Treasury Money Management Trust for the 15
57	56		purpose of investment, is amended to read as follows: 16
58	57		(4)(A) The Auditor of State may invest funds subject to the 17
59	58		unclaimed property provisions of the Unclaimed Property Act, § 18 -28-201 et 18
60	59		seq., in the State Treasury Money Management Trust. 19
61	60		(B) Any interest received under § 19 -3-604 from the 20
62	61		investment of funds under this subdivision (4) shall be deposited into the 21
63	62		Unclaimed Property Interest Trust Fund. 22
64	63		23
65	64		SECTION 4. Arkansas Code Title 19, Chapter 5, Subchapter 11, is 24
66	65		amended to add an additional section to read as follows: 25
67	66		19-5-1161. Unclaimed Property Interest Trust Fund. 26
68	67		(a) There is created on the books of the Treasurer of State, the 27
69	68		Auditor of State, and the Chief Fiscal Officer of the State a trust fund to 28
70	69		be known as the “Unclaimed Property Interest Trust Fund”. 29
71	70		(b) The Unclaimed Property Interest Trust Fund shall consist of: 30
72	71		(1) Interest earned from the investment of funds in the 31
73	72		Unclaimed Property Proceeds Trust Fund and the Abandoned Mineral Proceeds 32
74	73		Trust Fund under § 19 -3-603(4); 33
75	74		(2) Any remaining fund balances carried forward from year to 34
76	75		year; and 35
77	76		(3) Any other funds authorized or provided by law. 36 SB454
78	77
79	78		3 03/13/2025 10:14:30 AM JLL265
80	79		(c) The Unclaimed Property Interest Trust Fund shall be used by the 1
81	80		Auditor of State as follows, in order of priority as the amount in the 2
82	81		Unclaimed Property Interest Trust Fund permits: 3
83	82		(1) First, the amount necessary to reimburse the State Central 4
84	83		Services Fund, or its successor fund or fund account, under § 18 -28-213(b) 5
85	84		shall be transferred to the State Central Services Fund, or its successor 6
86	85		fund or fund account; and 7
87	86		(2) Second, the amount necessary to reimburse the Unclaimed 8
88	87		Property Proceeds Trust Fund for any liabilities incurred during previous 9
89	88		fiscal years in which the amount in the Unclaimed Property Interest Trust 10
90	89		Fund was insufficient to reimburse the State Central Services Fund, or its 11
91	90		successor fund or fund account, under subdivision (c)(1) of this section 12
92	91		shall be transferred to the Unclaimed Property Proceeds Trust Fund. 13
93	92		(d) Moneys remaining in the Unclaimed Property Interest Trust Fund at 14
94	93		the end of each fiscal year shall carry forward and be made available for the 15
95	94		purposes stated in this section in the next fiscal year. 16
96	95		(e) The Auditor of State shall maintain accounting and other records 17
97	96		necessary to ensure compliance with this section and shall provide any 18
98	97		records maintained under this section to Arkansas Legislative Audit upon 19
99	98		request. 20
100	99		21
101	100		SECTION 5. EMERGENCY CLAUSE. It is found and determined by the 22
102	101		General Assembly of the State of Arkansas that the Unclaimed Property 23
103	102		Proceeds Trust Fund is used to reimburse the State Central Services Fund each 24
104	103		fiscal year for the operations and personnel costs incurred in administering 25
105	104		the unclaimed property program; that the transfer of funds from the Unclaimed 26
106	105		Property Proceeds Trust Fund to the State Central Services Fund creates a 27
107	106		liability that flows from the State Central Services Fund to the Unclaimed 28
108	107		Property Proceeds Trust Fund; that this bill would halt the growing liability 29
109	108		by segregating the privately owned principal in the Unclaimed Property 30
110	109		Proceeds Trust Fund from the state -owned interest derived from the investment 31
111	110		of the funds in the Unclaimed Property Proceeds Trust Fund; and that this act 32
112	111		is necessary because this act will enable the new Unclaimed Property Interest 33
113	112		Trust Fund to build a balance in anticipation of the required reimbursement 34
114	113		to the State Central Services Fund, which will reduce the unfunded liability 35
115	114		created under current law. Therefore, an emergency is declared to exist, and 36 SB454
116	115
117	116		4 03/13/2025 10:14:30 AM JLL265
118	117		this act being necessary for the preservation of the public peace, health, 1
119	118		and safety shall become effective on July 1, 2025. 2
120	119		3
121	120		4
122		-	~~APPROVED: 4/3/25~~ 5
	121	+	5
123	122		6
124	123		7
125	124		8
126	125		9
127	126		10
128	127		11
129	128		12
130	129		13
131	130		14
132	131		15
133	132		16
134	133		17
135	134		18
136	135		19
137	136		20
138	137		21
139	138		22
140	139		23
141	140		24
142	141		25
143	142		26
144	143		27
145	144		28
146	145		29
147	146		30
148	147		31
149	148		32
150	149		33
151	150		34
152	151		35
153	152		36