Bill > SB103

This bill makes several changes to Georgia's laws regarding unclaimed property. The key provisions are: 1. It defines new terms like "claimant," "claimant's designated representative," and "unclaimed property agreement addendum." 2. It requires the handling and retention of wills, codicils, and trust documents found in safe deposit boxes that become unclaimed property. 3. It revises the process for selling unclaimed property, including allowing for the sale of certain securities without further notification. 4. It allows the commissioner to deduct administrative expenses of up to 1% of the funds deposited annually. 5. It establishes procedures for claims, including requirements for claim forms, distribution of funds, and handling of conflicting claims. 6. It requires claimant's designated representatives to register with the Department of Revenue, and establishes criteria, rules, and enforcement mechanisms for such representatives. 7. It provides for the maintenance and retention of records by holders of unclaimed property, claimant's representatives, and buyers. Overall, the bill aims to enhance the handling and transparency of unclaimed property in Georgia, especially as it relates to the involvement of representatives acting on behalf of claimants.

Agriculture and Natural Resources, Justice

https://www.legis.ga.gov/legislation/64062