The bill amends the Unclaimed Property Act to streamline the process for handling claims related to unclaimed property. Specifically, it introduces a new provision that allows the administrator to directly pay or deliver property to an apparent owner without requiring them to file a formal claim, provided certain conditions are met. These conditions include that the individual must be identified as the apparent owner in a report, the administrator must reasonably believe that the individual is entitled to the property, and the value of the property must be less than $5,000.

This change aims to simplify the process for individuals who may be entitled to unclaimed property, making it easier for them to receive their assets without the need for extensive claims procedures. The new language added to the law specifies the criteria under which direct payment or delivery can occur, thereby enhancing the efficiency of the claims process under the Unclaimed Property Act.

Statutes affected:
SB 14: 18-28-215
Act 114: 18-28-215