BILL NUMBER: S8253
SPONSOR: BRISPORT
 
TITLE OF BILL:
An act to amend the abandoned property law, in relation to interest paid
on unclaimed spousal and child support payments
 
PURPOSE:
To allow for the payment of interest on unclaimed spousal and child
support.
 
SUMMARY OF PROVISIONS:
Section 1 amends section 1405 of the Abandoned Property Law to allow
interest to be paid on unclaimed spousal and child support payments.
Section 2 provides for an effective date.
 
JUSTIFICATION:
Prior to the enactment of Abandoned Property Law ("APL") section 1318,
unclaimed spousal and child support payments were covered under APL
Article 6 (unclaimed or unknown court funds) and were entitled to
receive interest under APL section 1405(1)(a) (iii). The enactment of
APL section 1318 in 2021 was intended to streamline the reporting of
unclaimed spousal and child support payments to help reunite more owners
with their unclaimed funds; the removal of interest was an unintended
consequence. This bill would remedy that oversight and would again
include unclaimed spousal and child support payments in the list of
properties entitled to accrue interest.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.