LD 1612 LR 1329(02)
An Act Regarding the Presumption of Abandonment of Gift Obligations
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Judiciary
Fiscal Note Required: Yes
Fiscal Note
Future biennium revenue decrease - General Fund
Fiscal Detail and Notes
This bill exempts gift obligation cards from the Uniform Unclaimed Property Act and applies to gift obligation cards sold on or after January1, 2021.  The Office of Treasurer of State estimates the revenue reduction to the General Fund would be $3,500,000 or more annually beginning in fiscal year 2023-24 from reduced balances being available in the Unclaimed Property Fund at the time of the normal transfer to the General Fund each year.