This bill amends existing laws regarding unclaimed property funds in Arkansas, specifically focusing on the management and investment of these funds. It introduces the Unclaimed Property Interest Trust Fund, which will consist of interest earned from investments, remaining fund balances, and any other legally authorized funds. The bill outlines the priority for using the funds in this new trust, which includes reimbursing the State Central Services Fund for administrative costs and addressing any liabilities incurred in previous fiscal years due to insufficient funds.

Additionally, the bill modifies existing provisions related to the withdrawal and transfer of funds from the Unclaimed Property Proceeds Trust Fund to ensure that the State Central Services Fund is reimbursed adequately. It establishes a clear framework for the management of unclaimed property funds, aiming to reduce the state's unfunded liability associated with these funds. An emergency clause is included, stating that the act is necessary for the preservation of public peace, health, and safety, and it will take effect on July 1, 2025.

Statutes affected:
SB 454: 18-28-213(b), 18-28-213(c), 19-3-603(4)
Act 430: 18-28-213(b), 18-28-213(c), 19-3-603(4)