LD 1612 LR 1329(07)
An Act Regarding the Presumption of Abandonment of Gift Obligations
Fiscal Note for Bill as Engrossed with:
H "A" (H-661)
Committee: Judiciary
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $0 $0 $1,700,000
General Fund $0 $0 $0 ($1,700,000)
Fiscal Detail and Notes
 This bill reduces in incremental steps and eventually eliminates the 60% presumption of abandonement for gift obligation cards from 60% to 40%, then to 20% and finally to 0%. It reduces General Fund revenue by an estimated $1,700,000 in fiscal year 2022-23, $3,500,000 in fiscal 2023-24 and $5,000,000 in fiscal year 2024-25 and thereafter from reduced balances being available in the Unclaimed Property Fund at the time of the normal transfers to the General Fund each year.