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1995 SESSION

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HB 1939 Abandoned property; bank deposits & funds in financial organizations.

Introduced by: George H. Heilig, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Abandoned property; bank deposits and funds in financial organizations. Declares that share accounts in state or federal credit unions covered by life savings insurance shall be presumed abandoned five years after the date of a second mailing of a statement of account or other notification or communication that was returned as undeliverable, or after the date the credit unions discontinued the mailings to the member, whichever is earlier. The bill makes applicable a similar abandonment rule to a plan that provides for the automatic reinvestment of dividends or other distributions.


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