Plain English Breakdown
The official summary does not specify which exact officials must receive the reports, leaving some uncertainty about the scope of affected individuals.
Unclaimed Property Reporting
This bill allows the treasurer to submit an annual report about unclaimed property electronically.
What This Bill Does
- Changes Tennessee's laws to allow the treasurer to file the annual report regarding the total amount and value of abandoned or unclaimed property with certain executive and legislative branch officials electronically.
Who It Names or Affects
- The state treasurer who sends out the annual report.
- Certain executive and legislative branch officials who receive reports about unclaimed property.
Terms To Know
- Unclaimed Property
- Money or items that belong to someone but have not been claimed by them for a long time.
- Treasurer
- A person in charge of managing money and financial records for the government.
Limits and Unknowns
- The bill does not specify which executive and legislative branch officials must receive these reports.
- It is unclear how this change will affect people who need to claim their unclaimed property.