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Bill > HB114
AL HB114
AL HB114Relating to fiduciary funds in the hands of officials; to amend Section 19-3-87, Code of Alabama 1975, to provide for disposition of unclaimed funds held in a county treasury after being unclaimed for a certain number of years; and to amend Section 35-12-73, Code of Alabama 1975, to exempt unclaimed funds under Section 19-3-87, Code of Alabama 1975.
summary
Introduced
03/21/2023
03/21/2023
In Committee
04/18/2023
04/18/2023
Crossed Over
04/12/2023
04/12/2023
Passed
04/25/2023
04/25/2023
Dead
Signed/Enacted/Adopted
04/25/2023
04/25/2023
Introduced Session
Regular Session 2023
Bill Summary
Relating to fiduciary funds in the hands of officials; to amend Section 19-3-87, Code of Alabama 1975, to provide for disposition of unclaimed funds held in a county treasury after being unclaimed for a certain number of years; and to amend Section 35-12-73, Code of Alabama 1975, to exempt unclaimed funds under Section 19-3-87, Code of Alabama 1975.
AI Summary
This bill amends Sections 19-3-87 and 35-12-73 of the Code of Alabama 1975. The key provisions are:
1. It allows the court to direct any unclaimed funds held by county officials for over 5 years to be paid into the county treasury. After 10 years, if the funds remain unclaimed, the rights to the funds are forfeited, and the funds are to be used solely for the maintenance, repair, and construction of roads and bridges within the county.
2. It requires the county to provide public notice before the unclaimed funds are forfeited, including information on how to claim the funds.
3. It exempts unclaimed funds held pursuant to Section 19-3-87 from the reporting requirements under the Uniform Unclaimed Property Act (Section 35-12-73).
The bill aims to provide a process for the disposition of unclaimed funds held by county officials after a certain period of time.
Committee Categories
Government Affairs
Sponsors (6)
Matthew Woods (R)*,
Brock Colvin (R),
Leigh Hulsey (R),
James Lomax (R),
Phillip Rigsby (R),
Bubba Underwood (R),
Last Action
Enacted (on 04/25/2023)
Official Document
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