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NJ S2910
NJ S2910Authorizes the Unclaimed Property Administrator to verify certain governmental debts before delivering abandoned property.
summary
Introduced
01/23/2017
01/23/2017
In Committee
06/15/2017
06/15/2017
Crossed Over
Passed
Dead
01/08/2018
01/08/2018
Introduced Session
2016-2017 Regular Session
Bill Summary
This bill authorizes the Unclaimed Property Administrator to verify certain governmental debts before delivering abandoned property. The purpose of this bill is to integrate the unclaimed property administration's claim process with the Department of the Treasury's Setoff of Individual Liability (SOIL) program to recover outstanding government debt. The bill is the result of a recommendation from the State Auditor's examination of the Unclaimed Property Administration. For State Fiscal Year 2015, the State Auditor found that $1.3 million of unclaimed property claims were paid, which could have been used to recover outstanding SOIL debt. This bill requires the Unclaimed Property Administration to check if a claimant owes SOIL debt before fulfilling an unclaimed property claim. The bill is scheduled to take effect immediately and apply to claims submitted on or after the date of enactment.
AI Summary
This bill authorizes the Unclaimed Property Administrator to verify certain governmental debts, such as outstanding debt owed to the Department of the Treasury's Setoff of Individual Liability (SOIL) program, before delivering abandoned property to claimants. The purpose is to integrate the unclaimed property claim process with the SOIL program to recover outstanding government debt. The bill is the result of a recommendation from the State Auditor's examination, which found that $1.3 million in unclaimed property claims could have been used to recover SOIL debt. The bill requires the Unclaimed Property Administration to check if a claimant owes SOIL debt before fulfilling an unclaimed property claim, and it is scheduled to take effect immediately and apply to claims submitted on or after the date of enactment.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Substituted by A2441 (on 06/29/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2016/Bills/S3000/2910_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2016/Bills/S3000/2910_I1.PDF |
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