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House sends unclaimed property bill to Governor Nixon, changes good for business

The Missouri House Wednesday passed legislation that makes changes to time periods and limits under the state statutes on abandoned property.

Senate Substitute for House Committee Substitute for House Bill 1075 now goes on to the governor’s desk for his signature.

The finally passed bill includes language that any outstanding check, credit balance, customer’s over payment, etc. issued to a business shall not be presumed to be abandoned as long as the holder and the business have an ongoing business relationship.

The bill also provides that payroll checks shall have the abandonment period reduced from five years to three years beginning on January 1, 2015.

SS HCS HB 1075 reads that business credits between any two businesses or associations shall not be turned over to the state treasurer. A three year statute of limitations is established for unclaimed property reports. If a fraudulent report is filed with the intent to evade escheatment of property, the state treasurer may enforce the statute within six years after the report was filed. If no report is filed, there is no statute of limitations

Any claimant who feels they have been aggrieved by a decision of the state treasurer shall be entitled to a hearing.

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