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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2486 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO UNCLAIMED PROPERTY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 523A-9, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) Except for property held in a
safe deposit box or other safekeeping depository, [within six months after
the final date for] upon filing the report required by section
523A-8, the holder of property presumed abandoned shall pay, deliver, or cause
to be paid or delivered to the administrator the property described in the
report as unclaimed, but if the property is an automatically renewable deposit,
and a penalty or forfeiture in the payment of interest would result, the time
for compliance shall be extended until a penalty or forfeiture would no longer
result. Tangible property held in a safe deposit box or other safekeeping
depository shall not be delivered to the administrator until an additional one
hundred twenty days after the time for payment or delivery to the administrator
of property presumed abandoned as required by this subsection."
SECTION 2. Section 523A-25, Hawaii Revised Statutes, is amended by amending subsections (d) and (e) to read as follows:
"(d) An agreement covered by this
section which provides for compensation that [is unconscionable] exceeds
ten per cent shall be unenforceable except by the owner. [An owner
who has agreed to pay compensation that is unconscionable, or the administrator
on behalf of the owner, may maintain an action to reduce the compensation to a
conscionable amount. The court may award reasonable attorney's fees to an
owner who prevails in the action.]
(e) This section does not preclude an
owner from asserting that an agreement covered by this section is invalid on
grounds [other than unconscionable] of excessive or unjust compensation."
SECTION 3. Section 560:3-1210, Hawaii Revised Statutes, is amended to read as follows:
"§560:3-1210 Undistributed proceeds or balances,
disposition. When any balance remains in the hands of the clerk,
after payment in the order specified in section 560:3-805, and no heirs or
devisees of the decedent, entitled to the balance, can be located after reasonable
search and inquiry, the clerk, after the expiration of one year after the first
publication, shall report the fact to the court, which shall forthwith enter an
order forwarding such property to the state director of finance, and the clerk
thereupon shall immediately deposit the money or funds, or any balance, with
the director for disposition as provided in chapter 523A. The director at
any time may authorize the payment out of the [general] trust
funds of the State of any amount so forwarded to any person who establishes to
the satisfaction of the director that the person is legally entitled thereto as
an heir or devisee of the decedent, and the person shall be entitled to receive
the amount thereof out of any moneys in the treasury not otherwise appropriated,
upon warrant drawn by the state comptroller."
SECTION 4. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2012.
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INTRODUCED BY: |
_____________________________ |
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BY REQUEST |
Report Title:
Unclaimed Property
Description:
Requires holders of unclaimed property to remit all property with their November 1 report and corrects references to the Unclaimed Property Trust Fund.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.