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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. The bill also requires the Treasurer
to transfer to the lawyer's trust account program manager all funds that meet
this criteria that are currently held in the Unclaimed Property Fund which
cannot be identified. 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 future
General Fund reduction in revenue is expected to be minor not requiring any
change to the budget. However, the $13,558 currently in the Unclaimed
Property Fund from this source that cannot be identified will be turned over
to the trust account program managers, reducing General Fund revenue by that
amount in fiscal year 2019-20. |