This bill amends the Unclaimed Property Act in Arkansas to facilitate the direct payment or delivery of unclaimed property to apparent owners under specific circumstances. It introduces a new provision that allows the administrator to directly pay or deliver property to a person who is identified as the apparent owner in a report, without requiring them to file a formal claim, provided that the administrator reasonably believes the person is entitled to the property and the value of the property is less than $5,000.

The new legal language specifies that this direct payment or delivery is applicable only to individuals, excluding other states, and outlines the conditions under which this can occur. This amendment aims to streamline the process for individuals to reclaim their property, making it more accessible and efficient for those who may not be aware of the claims process.

Statutes affected:
SB 14: 18-28-215