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20LSO-0119
2020
STATE OF WYOMING
20LSO-0119
Numbered
2.0
HOUSE BILL NO. HB0150
Unclaimed property-donations to state agencies.
Sponsored by: Representative(s) Western
A BILL
for
AN ACT relating to unclaimed property; authorizing claimants to donate unclaimed property to the state; making conforming amendments; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
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W.S. 34
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24
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123(a), 34
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24
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124 and 34
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24
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125 by creating a new subsection (d) are amended to read:
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123.
Public sale of abandoned property.
(a)
Except as provided in subsections (b) and (c) of this section
and in W.S. 34
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24
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125(d)
, the administrator,
within three (3) years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords in the judgment of the administrator the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator the bid is insufficient. If in the judgment of the administrator the probable cost of sale exceeds the value of the property, it need not be offered for sale. Any sale held under this section shall be preceded by a single publication of notice, at least three (3) weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
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24
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124.
Deposit of funds.
Except as otherwise provided by this section
and W.S. 34
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125(d)
, the administrator shall promptly deposit in a separate account all funds received under this act, including the proceeds from the sale of abandoned property under W.S. 34
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123. Interest from the account shall be
deposited into another separate account. There is continuously appropriated to the administrator from the interest account an amount equal to the administrator's expenses in carrying out this act. Annually the administrator shall deposit in the general fund interest earned on the account which exceeds the amount necessary to administer this act. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company its number, the name of the company and the amount due. The claimant's name and last known address shall be available for public inspection at all reasonable business hours.
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125.
Filing of claim with administrator.
(d)
In lieu of accepting payment in property as provided in subsection (c) of this section, a claimant may donate the property in which the claimant has an interest
to the state of Wyoming. The claimant may designate the property to be donated to any state agency, program or account that is specifically authorized by statute to accept donations. The administrator shall treat a donation as an anonymous donation upon request of the claimant. The administrator shall deposit the property or the proceeds of the sale of the property into the account of the specified state agency, program or account or the general fund if no agency, program or account is specified. Donations to the general fund under this subsection shall be subject to acceptance under W.S. 9
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1
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210.
Section 2
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This act is effective July 1, 2020
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(END)
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HB0150