SB283

Senate Bill 283 amends Arkansas law regarding unclaimed property specifically as it pertains to certain nonprofit organizations. The bill defines qualifying nonprofit organizations as those incorporated under specific Arkansas statutes or those exempt under various subsections of section 501(c) of the Internal Revenue Code. For nonprofits with annual revenue under five million dollars, the bill establishes a new process for handling unclaimed property. These nonprofits must turn over property that has been unclaimed for one year to the state administrator. The administrator is then granted two years to attempt to locate the original owner of the property. If the property remains unclaimed after that two-year period, the bill mandates that the administrator return the property to the nonprofit organization rather than keeping it as state-held unclaimed property.