Ohio HB480 revises the Unclaimed Funds Law to update procedures for handling and reporting unclaimed funds.
Ohio HB480 revises the Unclaimed Funds Law by updating procedures for handling and reporting unclaimed funds. It mandates holders to report unclaimed funds to the Director of Commerce and pay a percentage of the funds as a reporting fee. The bill establishes procedures for auditing holders' records, paying interest on unclaimed funds, and distributing funds to rightful owners or the state if unclaimed. It also sets timelines for reporting and paying unclaimed funds, defines various types of unclaimed funds, and outlines penalties for non-compliance.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.