SENATE JUDICIARY COMMITTEE

STATEMENT TO

SENATE, No. 625

STATE OF NEW JERSEY

DATED: FEBRUARY 15, 1996

      The Senate Judiciary Committee reports favorably Senate  Bill No. 625.

      Under the present provisions of R.S.46:30B-41.2, a section of the Uniform Unclaimed Property Act, intangible property held by a government entity is presumed abandoned if the property remains unclaimed for one year after becoming payable. This bill would provide that property held by a governmental entity would have to remain unclaimed after becoming payable for three years before the property is deemed abandoned.