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Can you summarize 18 ARCO Chapter 28, Subchapter 2?
Unclaimed Property > Unclaimed Property Act
Short Summary
The Unclaimed Property Act in Arkansas governs the custody, reporting, payment, and disposal of unclaimed property. It applies to holders of unclaimed property and the state of Arkansas. The Act defines key terms and provides exemptions for certain types of property. It establishes the presumptions of abandonment for various types of property and outlines the criteria for determining when property is unclaimed. The Act also governs the reporting requirements for holders of unclaimed property, the payment or delivery of abandoned property, the notice and publication requirements, the custody and recovery of unclaimed property by the state, and the public sale of abandoned property. It also covers the deposit of funds received under the Act and the recovery of property by another state. The Act provides procedures for claiming property, including the filing of a claim and the resolution of disputes. It also addresses the interest and penalties for non-compliance with the Act. Overall, the Unclaimed Property Act in Arkansas aims to ensure the proper handling and distribution of unclaimed property in the state.
Whom does it apply to?
The Act applies to holders of unclaimed property and the state of Arkansas.
What does it govern?
The Unclaimed Property Act governs the custody, reporting, payment, and disposal of unclaimed property in Arkansas.
What are exemptions?
The Act provides exemptions for certain types of property, such as gift certificates, gift cards, layaway accounts, and funds from specific retirement systems.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Arkansas