Summary of 2019 Arkansas Abandoned and Unclaimed Property Legislation

2019 saw two pieces of unclaimed property legislation become law.  Act 492, in particular, is notable as giving Arkansas very strict rules regarding securities.

Act 325 authorizes the State Auditor to invest unclaimed property proceeds with the State Money Management Trust. The effect should be to give the state the benefit from investing unclaimed property monies. Effective March 6, 2019.

Act 492 authorizes the State Auditor to sell securities immediately upon receipt instead of waiting for three years, it eliminates any claim for appreciation or income after the sale, and it immunizes the state and other parties from claims relating to appreciation of sold securities. Effective March 15, 2019.

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