State Treasurer Young Boozer announces new laws that save money, protect citizens – 6/10/2013
MONTGOMERY – State Treasurer Young Boozer says two bills signed into law today by Governor Robert Bentley will save the State’s General Fund approximately $2 million each year and protect citizens from businesses that seek to profit from the unclaimed property process.
“These new laws will benefit Alabama taxpayers in several critical ways,” said Treasurer Boozer. “Our office is now self-sufficient, freeing up millions each year for other state agencies. And there are better measures in place to protect consumers from third parties that often profit from the unclaimed property process. I’d like to thank Governor Bentley, Representatives Ken Johnson and Wes Long, and Senators Slade Blackwell and Jabo Waggoner for helping us serve the people of Alabama,” said Treasurer Boozer.
House Bill 104 created the State Treasury Operations Fund. It consolidates three functions of the State Treasury (administration, SAFE, and Unclaimed Property) into one fund, creating a single budget for the office instead of three. It also provides a funding source for Treasury through Unclaimed Property instead of the State’s General Fund.
House Bill 112 provides consumer protection in and improves the efficiency of the unclaimed property process. It requires third parties, such as heir finders, to disclose to consumers that the property is located in State Treasury, and to disclose the fee the third party charges for locating unclaimed funds in the consumer’s name. Claiming directly from Treasury is a free service to all citizens.