Bill > HB733

This bill amends the Kentucky Revised Uniform Unclaimed Property Act (KRS 393A.020) to remove the specific exemption for mineral proceeds from the law's requirements. Currently, the law exempts certain types of property from being considered unclaimed, including property held in a foreign country, money held by nonprofit organizations exempt under IRS Section 501(c)(3), and property related to minerals or raw materials used in manufacturing or mining. The bill eliminates the explicit exemption for "mineral proceeds," which means that such proceeds will now be subject to the state's unclaimed property regulations. This change could potentially require companies in the minerals and mining industries to report and handle certain unclaimed mineral-related funds according to the state's unclaimed property procedures, which are designed to ensure that abandoned or forgotten financial assets are eventually returned to their rightful owners or turned over to the state.

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https://apps.legislature.ky.gov/record/25RS/hb733.html