This article originally appeared on Oil City News. Used with permission.
CASPER, Wyo. — The Wyoming House of Representatives are working on two bills which relate to rules regarding unclaimed property in the state.
House Bill 0135 would modify “perpetuity” clauses in unclaimed property laws in Wyoming.
“This legislation would partially eliminate the perpetuity clause in Wyoming statute and provide a time limit for a person to claim their unclaimed property after which the property would become property of the state,” a fiscal note of the proposed legislation states. “For property in Wyoming’s possession as of July 1, 2020, claimants of unclaimed property would have five years (July 1, 2025) to claim their unclaimed property.”
“For all property turned over to Wyoming after July 1, 2020 a person would have 20 years to claim their unclaimed property. These time limitations would only apply to property values with an aggregate amount for one claimant of less than $250. Any individual having unclaimed property above an aggregate level of $250 would not be transferred to the state and would be held in perpetuity.”
The State Treasurer’s Office says that about $19 million in unclaimed property under $250 per claim is currently being held by the state.
“This total is composed of around 799,000 claims which would all be eligible for transfer by 2025,” the fiscal note states. “What is not known is how many of those claims would aggregate to over $250 and would stay in the claimant’s name in perpetuity.”
That bill passed in the House on third reading during their Monday, Feb. 17 floor session on a vote of 31-27. The bill will move to the Senate for consideration.
The House also passed a separate piece of legislation on third reading on a vote of 52-6. That bill would modify how the state is able to invest unclaimed property funds.
House Bill 0136 “would allow for a percentage of the Unclaimed Property Account to be invested in Pool A after STO determines the funding needs for current obligations,” a fiscal note of the bill reads. “This bill also would allow for investment earnings on the unclaimed property account that exceed the amount necessary for operation for the fiscal year and which exceed the amount equal to 100% of the immediately prior biennium’s appropriation for the unclaimed property division, to be deposited into the General Fund. In addition, the Unclaimed Property Account has been growing by approximately $2,000,000 per year over the last three years, which will allow for more investment within Pool A over time.”
“The Treasurer’s Office projects yields in FY21 through FY23 to be around 2.84% for Pool A. Yield is defined as the interest and dividend income from the investment. Total return is defined as growth in the value of the investment, including both yield and realized & unrealized gains.”
People would still have the right to claim money which would be invested under this proposal.
Third reading votes in on House Bill 0135 were as follows:
- Ayes: BLAKE, BURLINGAME, CLAUSEN, CLIFFORD, CONNOLLY, CRANK, DAYTON-SELMAN, EYRE, FURPHY, HALLINAN, HENDERSON, KINNER, HARSHMAN, KIRKBRIDE, LARSEN LLOYD, LOUCKS, MACGUIRE, NEWSOME, NICHOLAS, OBERMUELLER, PAXTON, PELKEY, POWNALL, SIMPSON, STITH, SWEENEY, WALTERS, WASHUT, WILSON, YIN, ZWONITZER
- Nays: BARLOW, BLACKBURN, BROWN, BURKHART, CLEM, DUNCAN, EDWARDS, EKLUND, FLITNER, FREEMAN, GRAY, GREEAR, HALEY, HUNT, JENNINGS, LAURSEN DAN, LINDHOLM, MILLER, OLSEN, PIIPARINEN, ROSCOE, SALAZAR, SCHWARTZ, SOMMERS, STYVAR, TASS, WINTER
- Excused: NORTHRUP, WESTERN
Third reading votes on House Bill 0136 were as follows:
- Ayes: BARLOW, BLACKBURN, BLAKE, BURKHART, BURLINGAME, CLAUSEN, CLEM, CLIFFORD, CONNOLLY, CRANK, DAYTON-SELMAN, DUNCAN, EDWARDS, EKLUND, EYRE, FLITNER, FREEMAN, FURPHY, GREEAR, HALEY, HALLINAN, HENDERSON, HUNT, KINNER, HARSHMAN, KIRKBRIDE, LARSEN LLOYD, LAURSEN DAN, LINDHOLM, LOUCKS, MACGUIRE, NEWSOME, NICHOLAS, OBERMUELLER, OLSEN, PAXTON, PELKEY, PIIPARINEN, POWNALL, ROSCOE, SCHWARTZ, SIMPSON, SOMMERS, STITH, SWEENEY, TASS, WALTERS, WASHUT, WILSON, WINTER, YIN, ZWONITZER
- Nays: BROWN, GRAY, JENNINGS, MILLER, SALAZAR, STYVAR
- Excused: NORTHRUP, WESTERN
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