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Am. S. B. No. 93As Reported by the House State Government CommitteeAs Reported by the House State Government Committee
124th General Assembly | Regular Session | 2001-2002 |
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SENATORS Coughlin, Nein, Harris, Randy Gardner
A BILL
To amend section 169.02 of the Revised Code to exempt
wages of fifty dollars or less from coverage
under
the Unclaimed Funds Law.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 169.02 of the Revised Code be amended
to read as follows:
Sec. 169.02. Subject to division (B) of section 169.01 of
the Revised Code, the following constitute unclaimed funds: (A) Except as provided in division (R) of this
section, any
demand, savings, or matured time deposit account,
or matured
certificate of deposit, together with any interest or
dividend on
it, less any lawful claims, that is held or owed by
a holder which
is a financial organization, unclaimed for a
period of five years; (B) Any funds paid toward the purchase of withdrawable
shares or other interest in a financial organization, and any
interest or dividends on them, less any lawful claims, that is
held or owed by a holder which is a financial organization,
unclaimed for a period of five years; (C) Except as provided in division (A) of section 3903.45
of
the Revised Code, moneys held or owed by a holder, including a
fraternal association, providing life insurance, including
annuity
or endowment coverage, unclaimed for three years
after
becoming
payable as established from the records of such holder
under any
life or endowment insurance policy or annuity contract
that has
matured or terminated. An insurance policy, the
proceeds of which
are payable on the death of the insured, not
matured by proof of
death of the insured is deemed matured and
the proceeds payable if
such policy was in force when the insured
attained the limiting
age under the mortality table on which the
reserve is based. Moneys otherwise payable according to the records of such
holder are deemed payable although the policy or contract has not
been surrendered as required. (D) Any deposit made to secure payment or any sum paid in
advance for utility services of a public utility and any amount
refundable from rates or charges collected by a public utility
for
utility services held or owed by a holder, less any lawful
claims,
that has remained unclaimed for one year
after the
termination of
the services for which the deposit or advance
payment was made or
one year from the date the refund
was
payable, whichever is
earlier; (E) Except as provided in division (R) of this
section, any
certificates, securities as defined in section
1707.01 of the
Revised Code, nonwithdrawable shares, other
instruments evidencing
ownership, or rights to them or funds paid
toward the purchase of
them, or any dividend, capital credit,
profit, distribution,
interest, or payment on principal or other
sum, held or owed by a
holder, including funds deposited with a
fiscal agent or fiduciary
for payment of them, and instruments
representing an
ownership
interest, unclaimed for five years.
Any underlying share or other
intangible instrument representing
an ownership interest in a
business association, in which the issuer has
recorded on its
books the issuance of the share but has been
unable to deliver the
certificate to the shareholder,
constitutes unclaimed funds if
such underlying share is unclaimed
for five years. In addition,
an underlying share constitutes
unclaimed funds if a dividend,
distribution, or other sum payable
as a result of the underlying
share has remained unclaimed by the
owner for five years. This division shall not prejudice the rights of fiscal
agents
or fiduciaries for payment to return the items described
in this
division to their principals, according to the terms of
an agency
or fiduciary agreement, but such a return shall
constitute the
principal as the holder of the items and shall not
interrupt the
period for computing the time for which the items
have remained
unclaimed. In the case of any such funds accruing and held or owed by
a
corporation under division (E) of section 1701.24 of the
Revised
Code, such corporation shall comply with this chapter,
subject to
the limitation contained in section 1701.34 of the
Revised Code.
The period of time for which such funds have gone
unclaimed
specified in section 1701.34 of the Revised Code shall
be
computed, with respect to dividends or distributions,
commencing
as of the dates when such dividends or distributions
would have
been payable to the shareholder had such shareholder
surrendered
the certificates for cancellation and exchange by the
date
specified in the order relating to them. Capital credits of a cooperative which after January 1,
1972,
have been allocated to members and which by agreement are
expressly required to be paid if claimed after death of the owner
are deemed payable, for the purpose of this chapter, fifteen
years
after either the termination of service by the cooperative
to the
owner or upon the nonactivity as provided in division (B)
of
section 169.01 of the Revised Code, whichever occurs later,
provided that this provision does not apply if the payment is not
mandatory. (F) Any sum payable on certified checks or other written
instruments certified or issued and representing funds held or
owed by a holder, less any lawful claims, that are unclaimed for
five years from the date payable or from the date of issuance if
payable on demand; except that the unclaimed period for money
orders
that are not third party bank checks is seven years, and
the unclaimed period
for traveler's checks is fifteen years, from
the date payable or from the date
of issuance if payable on
demand. As used in this division, "written instruments" include,
but
are not limited to, certified checks, cashier's checks, bills
of
exchange, letters of credit, drafts, money orders, and
traveler's
checks. If there is no address of record for the owner or other
person entitled to the funds, such address is presumed to be the
address where the instrument was certified or issued. (G) Except as provided in division (R) of this
section, all
moneys, rights to moneys, or other intangible
property, arising
out of the business of engaging in the purchase
or sale of
securities, or otherwise dealing in intangibles, less
any lawful
claims, that are held or owed by a holder and
are unclaimed for
five years from the date of transaction. (H) Except as provided in division (A) of section 3903.45
of
the Revised Code, all moneys, rights to moneys, and other
intangible property distributable in the course of dissolution or
liquidation of a holder that are unclaimed for one year after the
date set by the holder for distribution; (I) All moneys, rights to moneys, or other intangible
property removed from a safe-deposit box or other safekeeping
repository located in this state or removed from a safe-deposit
box or other safekeeping repository of a holder, on which the
lease or rental period has expired, or any amount arising from
the
sale of such property, less any lawful claims, that are
unclaimed
for three years from the date on which the lease
or
rental period
expired; (J) Subject to division (M)(2) of this section, all
moneys,
rights to moneys, or other intangible property, and any
income or
increment on them, held or owed by a holder which is a
fiduciary
for the benefit of another, or a fiduciary or custodian
of a
qualified retirement plan or individual retirement
arrangement
under section 401 or 408 of the Internal Revenue
Code, unclaimed
for three years after the final date for
distribution; (K) All moneys, rights to moneys, or other intangible
property held or owed in this state or held for or owed to an
owner whose last known address is within this state, by the
United
States government or any state, as those terms are
described in
division (E) of section 169.01 of the Revised Code,
unclaimed by
the owner for three years, excluding any
property in
the control
of any court in a proceeding in which a final
adjudication has not
been made; (L) Amounts payable pursuant to the terms of any policy of
insurance, other than life insurance, or any refund available
under such a policy, held or owed by any holder, unclaimed for
three years from the date payable or distributable; (M)(1) Subject to division (M)(2) of this section, any
funds
constituting rents or lease payments due, any deposit made
to
secure payment of rents or leases, or any sum paid in advance
for
rents, leases, possible damage to property, unused services,
performance requirements, or any other purpose, held or owed by a
holder unclaimed for one year; (2) Any escrow funds, security deposits, or other moneys
that are received by a licensed broker in a fiduciary capacity
and
that, pursuant to division (A)(26) of section 4735.18 of the
Revised Code, are required to be deposited into and maintained in
a special or trust, noninterest-bearing bank account separate and
distinct from any personal or other account of the licensed
broker, held or owed by the licensed broker unclaimed for two
years. (N) Any sum
greater than fifty dollars payable as
wages,
any
sum payable as salaries, or commissions,
any sum
payable for
services rendered, funds owed or held as
royalties,
oil and
mineral proceeds, funds held for or owed to
suppliers, and
moneys
owed under pension and profit-sharing plans,
held or owed
by any
holder unclaimed for
one year from date payable or
distributable,
and all other credits
held or owed, or to be
refunded to a retail
customer, by any holder unclaimed
for three
years from date
payable or
distributable; (O) Amounts held in respect of or represented by lay-aways
sold after January 1, 1972, less any lawful claims, when such
lay-aways are unclaimed for three years after the sale of them; (P) All moneys, rights to moneys, and other intangible
property not otherwise constituted as unclaimed funds by this
section, including any income or increment on them, less any
lawful claims, which are held or owed by any holder, other than a
holder which holds a permit issued pursuant to Chapter 3769. of
the Revised Code, and which have remained unclaimed for
three
years after becoming payable or distributable; (Q) All moneys that arise out of a sale held pursuant to
section 5322.03 of the Revised Code, that are held by a holder
for
delivery on demand to the appropriate person pursuant to
division
(I) of that section, and that are unclaimed for two
years after
the date of the sale. (R)(1) Any funds that are subject
to an agreement between
the holder and owner providing for
automatic reinvestment and that
constitute dividends,
distributions, or other sums held or owed by
a holder in
connection with a security as defined in section
1707.01 of the
Revised Code, an ownership
interest in an
investment company registered under the
"Investment Company Act of
1940," 54 Stat. 789, 15 U.S.C. 80a-1,
as amended, or a certificate
of deposit, unclaimed for a period of five
years. (2) The five-year period under division (R)(1) of this
section
commences from the date a second shareholder notification
or communication
mailing to the owner of the funds is returned to
the holder as undeliverable
by the United States postal service or
other carrier. The
notification or communication mailing by the
holder shall be no less frequent
than quarterly. All moneys in a personal allowance account, as defined by
rules adopted by the director of job
and family services, up to
and
including the maximum resource limitation, of a medicaid
patient
who has died after receiving care in a long-term care
facility,
and for whom there is no identifiable heir or sponsor,
are not
subject to this chapter.
Section 2. That existing section 169.02 of the Revised Code
is hereby repealed.
Section 3. Section 169.02 of the Revised Code is presented
in this act
as a composite of the section as amended by both
Am.
Sub. H.B. 640 and Sub. S.B. 245 of the 123rd General Assembly.
The
General Assembly, applying the
principle stated in division
(B) of
section 1.52 of the Revised
Code that amendments are to be
harmonized if reasonably capable of
simultaneous operation, finds
that the composite is the resulting
version of the section in
effect prior to the effective date of
the section as presented in
this act.
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