Bill Text: NJ A1807 | 2018-2019 | Regular Session | Introduced
Bill Title: Eliminates newspaper publication requirement for unclaimed property and requires electronic notice of unclaimed property online.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2018-01-09 - Introduced, Referred to Assembly Consumer Affairs Committee [A1807 Detail]
Download: New_Jersey-2018-A1807-Introduced.html
STATE OF NEW JERSEY
218th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2018 SESSION
Sponsored by:
Assemblyman TIM EUSTACE
District 38 (Bergen and Passaic)
Co-Sponsored by:
Assemblyman Dancer
SYNOPSIS
Eliminates newspaper publication requirement for unclaimed property and requires electronic notice of unclaimed property online.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
An Act eliminating the newspaper publication requirement for unclaimed property and requiring notification to be published online, amending R.S.46:30B-51.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. R.S.46:30B-51 is amended to read as follows:
46:30B-51. Publication of notice by administrator. The administrator shall cause [a] an electronic notice to be published online through either a government or third-party website not later than November 30 of the year next following the year in which abandoned property has been paid or delivered to the administrator, or in the case of property reported by life insurance companies, September 1, of the year in which abandoned property has been paid or delivered to the administrator following the report required by Article 17 of this chapter [at least once a week for two consecutive weeks in a newspaper of general circulation in the county of this State in which is located the last known address of any person to be named in the notice. If the address is outside this State, the notice shall be published in the county in which the holder of the property has its principal place of business within this State], which electronic notice shall remain available online until the property is claimed.
The administrator is not required to [advertise] publish online the name and address or location of an owner of property having a total value of less than $100.
(cf: P.L.2002, c.35, s.41)
2. This act shall take effect immediately.
STATEMENT
This bill eliminates the newspaper publication requirement for unclaimed property and instead requires the Unclaimed Property Administrator to publish electronic notice of unclaimed property online. This bill eliminates what is currently a costly and unproductive administrative requirement, and explicitly codifies the administrator's present practice of providing online notification. Presently, the Unclaimed Property Administrator, in addition to complying with the newspaper publication requirement, also provides notice of property through a third-party website (www.missingmoney.com), a vehicle utilized by 38 other states, which provides the public with a searchable online tool to research unclaimed property.
Current statutory law requires the Unclaimed Property Administration to publish in newspapers notice of unclaimed property. The notice must be published by November 30th of the year following State possession at least once a week for two consecutive weeks in the county of the owner's last known address. The newspaper notice statute makes no explicit reference to the use of the Internet for publishing notice of unclaimed property. This bill would remove the statutory burden of newspaper notification, and explicitly authorize the Unclaimed Property Administrator to publish its notice of property online.
According to a recent report by the State Auditor, the Unclaimed Property Administration expended $1.1 million in Fiscal Year 2015 complying with the statutory newspaper publication requirement. The State Auditor further noted, based on data available through the New Jersey Press Association (NJPA) and the U.S. Census Bureau, there has been a significant decline (36 percent) in newspaper circulation over the last two decades and further estimated daily paid circulation to be just 12 to 14 percent of the State's adult population. Thus, in light of the data, it was the recommendation of the State Auditor that the Unclaimed Property Administration seek statutory relief from the newspaper requirement and pursue other means of outreach, including expanded use of a third-party website. This bill is intended to effectuate the recommendations of the State Auditor's report.
