The bill amends the Unclaimed Property Act in Arkansas to allow for the direct payment or delivery of unclaimed property to an apparent owner under specific circumstances. It introduces a new provision that enables the administrator to directly transfer property to a person who is identified as the apparent owner in a report, even if that person does not file a formal claim. This provision applies only if the administrator reasonably believes the person is entitled to the property and if the property's value is less than $5,000.

The new legal language specifies that the direct payment or delivery is not applicable to another state and outlines the conditions under which this can occur. This change aims to streamline the process of returning unclaimed property to rightful owners, making it easier for individuals to reclaim their assets without the need for a formal claim process when the value is relatively low.

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