Update on February 14, 2014: This bill died in committee on February 4, 2014. House Bill 884, a similar bill that would also reduce dormancy periods, died on the House calendar yesterday.
Mississippi state Senator Joey Fillingane has introduced S.B. 2553 to amend the state's unclaimed property law. The proposed changes include:
- Dormancy periods would be reduced from five to three years for most property types.
- Change the reporting cycle from every three years to annually.
- Properties valued at or below $10 would permanently escheat to the state after three years of not being claimed by the owner.
Currently, Mississippi requires reporting only once every three years. However, 2014 is a reporting year, so any changes to the reporting frequency should not affect the current cycle. It will be important to watch the status of this bill, to determine the accurate dormancy period for reportable property. The bill has an effective date of July 1, 2014, so any changes would apply to the upcoming report.
In 2013, a similar bill to change Mississippi's reporting frequency died in committee. That bill was introduced by Representative Mark Baker.