HOUSE OF REPRESENTATIVES

H.B. NO.

1020

THIRTY-SECOND LEGISLATURE, 2023

S.D. 1

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO PAYMENT OF CLAIMS OF THE UNCLAIMED PROPERTY PROGRAM.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  As a public service, the unclaimed property program of the department of budget and finance returns lost or abandoned property to their rightful owners at no charge.

     Claims for unclaimed property are paid from the unclaimed property trust fund.

     Pursuant to section 523A-26(d), Hawaii Revised Statutes, all unencumbered and unexpended moneys in excess of $1,300,000 remaining on balance in the unclaimed property trust fund on June 30 of each year lapses to the credit of the general fund.  Consequently, the beginning balance at the start of the fiscal year for the unclaimed property trust fund is $1,300,000.

     Claims from the prior fiscal year waiting to be paid often times exceed the $1,300,000 opening balance delaying the payment of such claims.

     The purpose of this Act is to increase the amount of moneys that can be carried over at June 30 of each year by the unclaimed property trust fund from $1,300,000 to $2,500,000 to permit the timely payment of claims.

     SECTION 2.  Section 523A-26, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:

     "(d)  All unencumbered and unexpended moneys in excess of [$1,300,000] $2,500,000 remaining on balance in the unclaimed property trust fund on June 30 of each year shall lapse to the credit of the state general fund."

     SECTION 3.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 4.  This Act, upon its approval, shall take effect on July 1, 2050.



 

Report Title:

Department of Budget and Finance; Unclaimed Property Program

 

Description:

Increases from $1,300,000 to $2,500,000 the amount of moneys that may be carried over at June 30 of each fiscal year by the unclaimed property trust fund.  Effective 7/1/2050.  (SD1)

 

 

 

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