Bill > SB403

This bill modifies Georgia's laws regarding unclaimed property, which is property that has been abandoned by its owner. Key changes include allowing the state to delay publishing the "Georgia Unclaimed Property List" for certain business-related intangible assets, like stocks, until they are actually received by the state. It also introduces new methods for paying claims, allowing for electronic payments or checks, and mandates that these payments first be applied to any outstanding state tax liabilities. Furthermore, the bill permits the state to proactively issue payments for unclaimed cash property up to $500 to individuals if their identity is verified, again prioritizing payment of any owed taxes. Importantly, it waives the requirement for a probate court order for heirs claiming property from a deceased owner, provided certain conditions are met, such as all heirs agreeing on the distribution and all debts being settled, and the total unclaimed property value is $7,500 or less with no pending probate court cases. Finally, the bill amends tax laws to allow the Department of Revenue to access confidential tax records when necessary to administer unclaimed property provisions, specifically for verifying owner identities and processing payments.

Budget and Finance, Justice

https://www.legis.ga.gov/legislation/72252