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THE SENATE |
S.B. NO. |
2748 |
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TWENTY-SIXTH LEGISLATURE, 2012 |
S.D. 1 |
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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] that provides for compensation that [is
unconscionable] exceeds ten per cent of the total value of the property
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, 2050.
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. Effective 7/1/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.