SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2015 SESSION
SB 1465 U.S. savings bonds; establishes a procedure for the escheat of unclaimed bonds.
Introduced by: John C. Watkins | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Escheat of unclaimed U.S. savings bonds. Establishes a procedure for the escheat to the Commonwealth of unclaimed U.S. savings bonds. The measure declares that U.S. savings bonds held or owing in the Commonwealth by any person, issued or owed in the course of a holder's business, or held by a state or other government, governmental subdivision, agency, or instrumentality are presumed to be abandoned in the Commonwealth if (i) the last known address of the owner is in the Commonwealth and (ii) the savings bond has remained unclaimed and unredeemed for 10 years after final maturity. Such bonds that are presumed abandoned shall escheat to the Commonwealth one year after such bonds are presumed abandoned, provided that the administrator obtains a court judgment affirming the escheat. The administrator is required to send notice of the escheat to the former owner of each escheated bond, if known, and to include the name and address of former owners in any published notice of unclaimed property. The administrator is required to redeem such bonds that have escheated to the Commonwealth, and the balance of proceeds shall be deposited into the Literary Fund pursuant to Article VIII, Section 8 of the Constitution of Virginia. A person making a claim for an escheated savings bond may file a claim with the administrator and the administrator shall pay the claim upon receipt of proof of the validity of the claim.
FULL TEXT
- 02/20/15 Senate: Presented and ordered printed 15105181D pdf
- 02/23/15 Senate: Committee substitute printed 15105488D-S1 pdf | impact statement
HISTORY
- 02/20/15 Senate: Introduced at the request of Governor
- 02/20/15 Senate: Presented and ordered printed 15105181D
- 02/20/15 Senate: Referred to Committee on Commerce and Labor
- 02/23/15 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 02/23/15 Senate: Committee substitute printed 15105488D-S1
- 02/24/15 Senate: Read first time
- 02/25/15 Senate: Read second time
- 02/25/15 Senate: Reading of substitute waived
- 02/25/15 Senate: Committee substitute agreed to 15105488D-S1
- 02/25/15 Senate: Engrossed by Senate - committee substitute SB1465S1
- 02/25/15 Senate: Constitutional reading dispensed (37-Y 0-N)
- 02/25/15 Senate: Passed Senate (37-Y 1-N)
- 02/25/15 Senate: Reconsideration of passage agreed to by Senate (39-Y 0-N)
- 02/25/15 Senate: Passed Senate (37-Y 2-N)
- 02/26/15 House: Placed on Calendar
- 02/26/15 House: Read first time
- 02/26/15 House: Referred to Committee on Commerce and Labor
- 02/26/15 House: Reported from Commerce and Labor (13-Y 8-N)
- 02/27/15 House: Read second time
- 02/27/15 House: No further action taken
- 02/27/15 House: Failed to pass in House