The 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 and any remaining fund balances. The bill outlines the procedures for withdrawing funds from the Unclaimed Property Interest Trust Fund to reimburse the State Central Services Fund for administrative expenses, as well as the transfer of a specified amount to the state's general revenues. Notably, it replaces the term "Proceeds" with "Interest" in the context of the trust fund and establishes a priority for the use of funds within the new trust.

Additionally, the bill includes an emergency clause, stating that the changes are necessary to prevent the growing liability associated with the current unclaimed property program. By segregating the privately owned principal from the state-owned interest, the bill aims to reduce unfunded liabilities and ensure that the Unclaimed Property Interest Trust Fund can build a balance for future reimbursements. The act is set to take effect on July 1, 2025, emphasizing its urgency for the preservation of public welfare.

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)