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129th MAINE LEGISLATURE |
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LD 1483 |
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LR 784(01) |
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An Act To Clarify
the Disposition of Funds Presumed Abandoned in a Lawyer's Trust Account |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Rep. Cardone of Bangor |
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Committee: Judiciary |
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Fiscal Note Required: No |
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| Preliminary
Fiscal Impact Statement |
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| Minor revenue decrease - General Fund |
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| Fiscal Detail
and Notes |
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The bill
clarifies that funds presumed abandoned under the Uniform Unclaimed Property
Act in a lawyer's trust account for which identifying client information can
be found must be delivered to the Treasurer of State. Any such funds that
cannot be identified must be turned over to the lawyer's trust account
program manager to be used to provide funding to organizations that provide
civil legal aid to low-income residents. To the extent that revenue to the
Treasurer is reduced, there would be a corresponding reduction in the amount
of the annual transfer from the Treasurer's Unclaimed Property Fund to the
General Fund. Any General Fund reduction in revenue is expected to be minor
not requiring any change to the budget. |
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