Arkansas Considers Shorter Dormancy Periods

HB 1782 has passed and is now Act 1039.

Originally Posted March 11, 2015:

Arkansas has a five year dormancy period for many types of properties. A new bill sponsored by Representative Jean considers shortening the standard dormancy periods in Arkansas to three years. This would include debt of a business association; demand, savings or time deposits; proceeds from the demutualization of an insurance company; and the general catch-all provision for "all other property."

The bill also removes an annual report to the Oil and Gas Commission required for escrow accounts holding mineral interests. Mineral interests would still be reportable as unclaimed property.

House Bill 1782 was filed on March 9 and referred to the House Committee on State Agencies and Governmental Affairs. The next meeting of the House Committee is today, March 11.

See Also:
Pennsylvania Changes Dormancy Periods
Mississippi Failed to Change Dormancy Periods
Missouri Bill Adds New B2B Exemption