Property; Unclaimed Property Act; service charges; effective date; emergency.

The bill title was changed from a 'Floor Substitute' to a 'Floor Version', indicating it has been amended by the House committee and is ready for final passage.

The extensive list of definitions (Sections 1-16) found in the House version was removed entirely from the Floor version.

The Floor version explicitly creates the 'Unclaimed Property Fund' and details how funds must be deposited, including specific deductions for service charges, mailing costs, and attorney fees.

New requirements were added for the State Treasurer to record specific details about property holders and insured persons before making deposits to the fund.

The effective date was set to July 1, 2026, and an emergency clause was added to allow the law to take effect immediately upon approval.

The maximum allowable service charge for administering unclaimed property was increased from 4% to 6% of the funds accruing to the state.

A new definition for 'Museum' was added to clarify which institutions qualify under the act, including historical societies, parks, and libraries.

A new definition for 'Owner' was added to specify who holds legal or equitable interests in property, such as depositors, creditors, or beneficiaries.

The list of amendments was updated to explicitly include changes to Section 651 regarding definitions, whereas the original version only listed changes to Section 668.

A new co-sponsor, Murdock of the Senate, was added to the bill's sponsorship list.

The maximum service charge fee that the State Treasurer can deduct from unclaimed property was increased from four percent (4%) to six percent (6%).

A new deduction category was added allowing the State Treasurer to deduct up to twenty-five percent (25%) of the value of funds in legal actions brought to enforce the Unclaimed Property Act to pay attorney fees.

The bill header and summary description were updated to reflect the bill's progression from 'Introduced' to 'Engrossed' and to accurately describe the fee increase.