SB403: SB403 Unclaimed Property; property is presumed abandoned; provide for exceptions

26 LC 59 0457S Senate Bill 403 By: Senators Kirkpatrick of the 32nd, Walker III of the 20th, Anavitarte of the 31st, Parent of the 44th, Albers of the 56th and others AS PASSED A BILL TO BE ENTITLED AN ACT To amend Article 5 of Chapter 12 of Title 44 of the Official Co de of Georgia Annotated,1 relating to disposition of unclaimed property, so as to authorize delay of publication of notice2 on the "Georgia Unclaimed Property List" under certain circumst ances; to provide for3 methods of payment of claims; to provide for payments in the absence of claims; to waive4 the requirement of a probate court order for claims of heirs under certain circumstances; to5 provide for definitions; to amend Title 48 of the Official Code of Georgia Annotated, relating6 to revenue and taxation, so as to waive confidentiality of certain tax records; to provide for7 related matters; to repeal conflicting laws; and for other purposes.8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9 SECTION 1.10 Article 5 of Chapter 12 of Title 44 of the Official Code of Geo rgia Annotated, relating to11 disposition of unclaimed property, is amended in Code Section 4 4-12-192, relating to12 definitions, by revising paragraph (6) and adding new paragraphs to read as follows:13 "(0.5) 'Adult' means an individual 18 years of age or older."14 "(6) 'Due diligence' means, but shall not be limited to, the mailing of a letter by first-class15 mail to the last known address of the owner as indicated on the records of the holder. If16 S. B. 403 - 1 - 26 LC 59 0457S a holder maintains a valid email address for the owner and the owner has agreed to17 receive communications electronically, the holder shall send no tice by both first-class18 mail and electronic mail to such address. For properties over $10,000.00, mailed letters19 shall be sent by certified mail."20 "(7.1) 'Heir' means an adult who is the:21 (A) Surviving spouse of a deceased owner;22 (B) Child of a deceased owner;23 (C) Parent of a deceased owner; or24 (D) Sibling of a deceased owner."25 SECTION 2.26 Said article is further amended in Code Section 44-12-215, rela ting to publication of27 "Georgia Unclaimed Property List" and contents of notice, by ad ding a new subsection to28 read as follows:29 "(e) When certain intangible interests in business associations, including, but not limited30 to, stocks and shares in business associations, are not yet received by the commissioner but31 are reported under Code Section 44-12-214, the commissioner may decline to publish32 notice until such property is remitted to the commissioner."33 SECTION 3.34 Said article is further amended in Code Section 44-12-220, rela ting to claims for property35 paid or delivered to commissioner and procedure, by revising subsection (c) and adding new36 subsections to read as follows:37 "(c)(1) If a claim submitted by the claimant is approved, the commissioner shall pay over38 or deliver to the claimant the property or the amount the commissioner actually received39 or the net proceeds if it has been sold by the commissioner.40 S. B. 403 - 2 - 26 LC 59 0457S (2) Any payment made under paragraph (1) of this subsection to a claimant shall be41 either electronically transmitted or sent by check to such clai mant, provided that such42 payment shall first be credited against any unpaid state tax li ability at the time the43 payment provided for in this subsection is to be issued to a claimant."44 "(d.1)(1) The commissioner shall also be authorized to make payments pursuant to this45 article without having received a claim, provided that the:46 (A) Property is cash;47 (B) Apparent owner is a natural person and is the sole owner of such property;48 (C) Identity of such apparent owner has been verified by the commissioner; and49 (D) Amount to be paid does not exceed $500.00 per property.50 (2) Any payment under this subsection to an owner shall be eit her electronically51 transmitted or sent by check to such owner, based on the owner' s taxpayer refund52 instructions, if any, as indicated on such taxpayer's income tax return for the most recent53 taxable year, provided that such payment shall first be credited against any unpaid state54 tax liability existing at the time the payment provided for in this subsection is to be issued55 to an owner.56 (3) The department may review tax records in order to verify the identity of owners in57 accordance with subparagraph (C) of paragraph (1) of this subsection.58 (4) All unclaimed property purchase agreements and unclaimed p roperty recovery59 agreements entered into on or after July 1, 2026, and reported and delivered to the60 commissioner under this article shall be unenforceable for 120 days after the date of61 payment or the delivery of property to the commissioner."62 "(i)(1) An order of a probate court shall not be required for a claimant who is an heir of63 a deceased owner if the claimant files an affidavit with the de partment, signed by all64 heirs, stating that all heirs have amicably agreed upon a division of the estate and that all65 funeral expenses, expenses of any last illness, and other lawful claims against the estate66 have been paid. Such affidavit shall include any additional in formation reasonably67 S. B. 403 - 3 - 26 LC 59 0457S necessary to determine entitlement. If the owner died testate, t h e c l a i m s h a l l b e68 accompanied by a copy of the will.69 (2) Each person receiving property under this Code section shall be personally liable for70 all lawful claims against the estate of the owner, but only to the extent of the value of the71 property received under this Code section, excluding property e xempt from claims of72 creditors under the Constitution and laws of this state.73 (3) Any person who was lawfully entitled to share in the property but did not receive his74 or her share may enforce his or her rights in appropriate proceedings against those who75 received the property and may, at the discretion of the court, b e a w a r d e d c o s t s a n d76 reasonable attorney's fees.77 (4) This subsection applies only if the total aggregate value of unclaimed property held78 by the department on behalf of the owner is equal to or less th an $7,500.00 and no79 proceeding in any probate court in Georgia is pending or has been filed in Georgia in the80 past."81 SECTION 4.82 Title 48 of the Official Code of Georgia Annotated, relating to revenue and taxation, is83 amended in Article 1 of Chapter 2, relating to state administrative organization, by revising84 subsection (b) of Code Section 48-2-15, relating to confidential and privileged information,85 as follows:86 "(b) This Code section shall not:87 (1) Be construed to prevent the use of confidential information as evidence before any88 state or federal court in the event of litigation involving tax liability of any taxpayer;89 (2) Be deemed to prevent the print or electronic publication of statistics so arranged as90 not to reveal information respecting an individual taxpayer;91 S. B. 403 - 4 - 26 LC 59 0457S (3) Apply in any way whatsoever to any official finding of the commissioner with92 respect to any assessment or any information properly entered upon an assessment roll93 or other public record;94 (4) Affect any information which in the regular course of busi ness is by law made the95 subject matter of a public document in any federal or state office or in any local office in96 this state;97 (5) Apply to information, records, and reports required and obtained under Article 1 of98 Chapter 9 of this title, which requires distributors of motor fuels to make reports of the99 amounts of motor fuels sold and used in each county by the distributor, or under Article 2100 of Chapter 9 of this title, relating to road tax on motor carriers;101 (6) Be construed to prevent the disclosure of information, so arranged as not to reveal102 information respecting an individual taxpayer, requested by the House Committee on103 Ways and Means or the Senate Finance Committee regarding the de partment's104 administration of any tax; or105 (7) Apply to information, records, and reports required and obtained under Title 38 or106 Title 46 as each pertains to collection and remittance of prepaid and postpaid 9-1-1 fees107 or charges. The application of the exemption provided for under this paragraph to Code108 Section 38-3-190 shall apply exclusively to the Georgia Emergen cy Communications109 Authority and Department of Revenue in the handling of such information; or110 (8) Be construed to prevent the use of confidential tax information by the department in111 administering the provisions of Code Section 44-12-220."112 SECTION 5.113 Said title is further amended in Article 3 of Chapter 7, relating to returns and furnishing of114 information, in Code Section 48-7-60, relating to confidentiali ty of tax information,115 exceptions, authorized inspection by certain officials, furnish ing information to local tax116 S. B. 403 - 5 - 26 LC 59 0457S authorities, furnishing information to nonofficials, conditions, and effect of Code section, by117 adding a new subsection to read as follows:118 "(f) This Code section shall not be construed to prevent the us e of confidential tax119 information by the department in administering the provisions of Code Section 44-12-220."120 SECTION 6.121 All laws and parts of laws in conflict with this Act are repealed.122 S. B. 403 - 6 -