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H. B. No. 108 As Passed by the HouseAs Passed by the House
125th General Assembly | Regular Session | 2003-2004 |
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Representatives Driehaus, Seitz, Redfern, Kearns, Hartnett, Skindell, Niehaus, Distel, Olman, Yates, S. Smith, Schneider, DePiero, Webster, Allen, DeBose, Harwood, Barrett, Raussen, Perry, Cirelli, Raga, Jerse, Domenick, Wilson, Hagan, Mason, Key, Book, Brown, Carano, Chandler, Collier, Daniels, Fessler, Flowers, Hollister, Hughes, Miller, Otterman, T. Patton, Price, Reidelbach, Schmidt, Seaver, Sferra, D. Stewart, J. Stewart, Strahorn, Widowfield, Woodard
A BILL
To amend section 169.03 of the Revised Code to require
that notice of unclaimed funds be mailed to owners
by holders of the funds either by regular or
certified mail depending upon the value of the
funds and to authorize charges for certain mailings
of notices.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 169.03 of the Revised Code be amended
to read as follows: Sec. 169.03. (A)(1) Every holder of unclaimed funds and,
when requested, every person
which
that could be the holder of
unclaimed
funds, under this chapter shall report to the director
of
commerce with respect to the unclaimed funds as provided in
this
section. The report shall be verified. (2) With respect to items of unclaimed funds each having a
value of fifty dollars or more, the report required under
division
(A)(1) of this section shall include
the following: (a) The full name, if known, and last known address, if
any,
of each person appearing from the records of the holder to
be the
owner of unclaimed funds under this chapter; (b) In the case of unclaimed funds reported by holders
providing life insurance coverage, the full name of the insured
or
annuitant and beneficiary, if any, and their last known
addresses
according to
such
the holder's records; (c) The nature and identifying number, if any, or
description of the funds and the amount appearing from the
records
to be due; (d) The date when the funds became payable, demandable, or
returnable and the date of the last transaction with the owner
with respect to the funds; (e) Subject to division (I) of this section, the social
security
number of the owner of the unclaimed funds, if it is
available; (f) Other information
which
that the director prescribes as
necessary for the administration of this chapter. (3) With respect to items of unclaimed funds each having a
value of less than fifty dollars, the report required under
division (A)(1) of this section shall include
the following: (a) Each category of items of unclaimed funds as described
in section 169.02 of the Revised Code; (b) The number of items of unclaimed funds within each
category; (c) The aggregated value of the items of unclaimed funds
within each category. (B) If the holder of unclaimed funds is a successor to
other
organizations that previously held the funds for the owner,
or if
the holder has changed its name while holding the funds, it
shall
file with the report all prior known names and addresses
and date
and state of incorporation or formation of each holder
of the
funds. (C) The report shall be filed before the first day of
November of each year as of the preceding thirtieth day of June,
but the report of holders providing life insurance coverage shall
be filed before the first day of May of each year as of the
preceding thirty-first day of December. The director may
postpone, for good cause shown, the reporting date upon written
request by any holder required to file a report. (D) The holder of unclaimed funds under this chapter shall
send notice to each owner of each item of unclaimed funds having
a
value of fifty dollars or more at the last known
address
of the
owner as shown by the records of the holder before filing
the
annual report. In case of holders providing life insurance
coverage,
such
this notice shall also be mailed to each
beneficiary at
the last known address of
such
the beneficiary as
shown by the
records of
such
the holder, except that
such
the
notice to beneficiaries
shall not be mailed if
such
that address
is the same as that of the
insured and the surname of the
beneficiary is the same as that of
the insured. The holder shall
not report an item of unclaimed
funds earlier than the thirtieth
day after the mailing of notice
required by this division. Such
The notice
required by this division shall set forth the
nature and identifying
number, if any, or description of the funds
and the amount
appearing on the records of the holder to be due
the owner, and
shall inform the owner that the funds will, thirty
days after the
mailing of
such
the notice, be reported as
unclaimed funds under this
chapter. A self-addressed, stamped
envelope shall be included
with the notice, with instructions that
the owner may use
such
the
envelope to inform the holder of the
owner's continued
interest in the
funds, and, if so informed
before
the date for making the report
to the director, the holder
shall
not report
said
the funds to the
director. The notice shall
be
mailed by first class mail
if the item of unclaimed funds has a
value of fifty dollars or more but less than one thousand dollars
and by certified mail, return receipt requested, if the item of
unclaimed funds has a value of one thousand dollars or more.
A
holder that sends a notice by certified mail, return receipt
requested, may charge the item of unclaimed funds up to twenty
dollars for providing that notice. If
there is no address of
record
for the owner or other person
entitled to the unclaimed
funds, the
holder is relieved of any
responsibility of sending
notice,
attempting to notify, or
notifying the owner. The mailing
of
notice pursuant to this
section shall discharge the holder from
any further
responsibility
to give notice.
(E) Verification of the report and of the mailing of
notice,
where required, shall be executed by an officer of the
reporting
holder. (F)(1) The director may, at reasonable times and upon
reasonable notice, examine or cause to be examined, by auditors of
supervisory departments or divisions of the state, the records of
any holder to determine compliance with this chapter.
(2) Holders shall retain records, designated by the director
as
applicable to unclaimed funds, for five years beyond the
relevant time period
provided in section
169.02 of the Revised
Code, or until completion of an audit
conducted pursuant to
division (F) of this section, whichever
occurs first. An audit
conducted pursuant to division (F) of this
section shall not
require a holder to make records available for a period of
time
exceeding the
records retention period set forth in division (F)
of this
section, except for records pertaining to 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, or pertaining to debt of a
publicly traded corporation. Any holder
that is audited pursuant
to division (F) of this section shall
only be required to make
available those records that are relevant to
an unclaimed funds
audit of that holder as prescribed by
the director. (3) The director may enter into contracts, pursuant to
procedures prescribed by the director, with persons for the sole
purpose of examining the records of holders, determining
compliance with this chapter, and collecting, taking possession
of, and remitting to the department's division of unclaimed
funds,
in a timely manner, the amounts found and defined as
unclaimed.
The director
shall not enter into such a contract with a person
unless the person does
all of the following: (a) Agrees to maintain the confidentiality of the records
examined, as required under division (F)(4) of this section; (b) Agrees to conduct the audit in accordance with rules
adopted
under section 169.09 of the Revised Code; (c) Obtains a corporate surety bond issued by a bonding
company
or insurance company authorized to do business in this
state. The bond shall
be in favor of the director and in the
penal sum determined by the director.
The bond shall be for the
benefit of any holder of unclaimed funds that is
audited by the
principal and is injured by the principal's failure to comply
with
division (F)(3)(a) or (b) of this section. (4) Records audited pursuant to division (F)
of this section
are confidential,
and shall not be disclosed except as required by
section 169.06
of the Revised Code or as the director considers
necessary in
the proper administration of this chapter. (5) If a person with whom the
director has entered into a
contract pursuant to division (F)(3)
of this section intends to
conduct, in conjunction with an unclaimed funds
audit under this
section, an unclaimed funds
audit for the purpose of administering
another state's unclaimed
or abandoned property laws, the person,
prior to commencing
the audit, shall provide written notice to the
director of the person's
intent to conduct such an audit, along
with documentation evidencing the
person's express authorization
from the other state to conduct the audit
on behalf of that state. (6) Prior to the commencement of an audit conducted pursuant
to
division (F) of this section, the director shall notify the
holder
of unclaimed funds of the director's intent to audit the
holder's
records. If the audit will be conducted in conjunction
with an
audit for one or more other states, the director shall
provide the
holder with the name or names of those states. (7) Any holder of unclaimed funds may appeal the findings of
an
audit conducted pursuant to division (F) of this section to the
director. Pursuant to the authority granted by section 169.09 of
the
Revised Code, the director shall adopt rules establishing
procedures for considering such an appeal. (G) All holders shall make sufficient investigation of
their
records to ensure that the funds reported to the director
are
unclaimed as set forth in division (B) of section 169.01 and
section 169.02 of the Revised Code. (H) The expiration of any period of limitations on or
after
March 1, 1968, within which a person entitled to any
moneys,
rights to moneys, or intangible property could have
commenced an
action or proceeding to obtain
the same
these items shall not
prevent
such
these items from becoming unclaimed funds or relieve
the
holder
thereof
of them of any duty to report and give notice
as provided
in this section and deliver
the same
them in the
manner provided in
section 169.05 of the Revised Code, provided
that the holder may
comply with
the provisions of this section and
section 169.05 of
the Revised Code with respect to any moneys,
rights to moneys, or
intangible property as to which the
applicable statute of
limitations has run prior to March 1, 1968,
and in
such
that event the
holder shall be entitled to the
protective provisions of section
169.07 of the Revised Code. (I) No social security number contained in a report made
pursuant
to this section shall be used by the department of
commerce for any
purpose other than to enable the division of
unclaimed funds
to carry out the purposes of this chapter and for
child support purposes in
response to a request made by the office
of child
support in the department of job and family services made
pursuant to section 3123.88 of the Revised Code.
Section 2. That existing section 169.03 of the Revised Code
is hereby repealed.
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