Bill Text: NJ A3062 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires holder of rental security deposit account to provide second notice before account is deemed abandoned under the "Uniform Unclaimed Property Act."
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2011-02-03 - Reported out of Assembly Committee, 2nd Reading [A3062 Detail]
Download: New_Jersey-2010-A3062-Introduced.html
Sponsored by:
Assemblywoman L. GRACE SPENCER
District 29 (Essex and Union)
Assemblyman CHARLES MAINOR
District 31 (Hudson)
Co-Sponsored by:
Assemblyman Johnson, Assemblywoman Vainieri Huttle and Assemblyman Conaway
SYNOPSIS
Requires holder of rental security deposit account to provide second notice before account is deemed abandoned under the "Uniform Unclaimed Property Act."
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain unclaimed property in the form of rental security deposit accounts and amending R.S.46:30B-50.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. R.S.46:30B-50 is amended to read as follows:
46:30B-50. a. Notice to apparent owner. Not more than 120 days nor less than 60 days before filing the report required by this article, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under this chapter shall send by certified mail, and with return receipt requested, written notice to the apparent owner at the last known address informing the owner that the holder is in possession of property subject to this chapter if:
[a.] (1) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate;
[b.] (2) The claim of the apparent owner is not barred by the statute of limitations; and
[c.] (3) The property has a value of $50.00 or more.
b. Not more than 60 days nor less than 30 days after the account holder's fulfillment of the notice requirement set forth in subsection a. of this section, the holder in possession of an account containing monies collected and stored in a rental security deposit account established and maintained by a landlord of real property that is presumed to be abandoned and subject to custody as unclaimed property under this chapter, shall send by certified mail, and with return receipt requested, an additional written notice to the landlord at the last known address informing the landlord that the holder is in possession of property subject to this chapter if:
(1) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate;
(2) The claim of the apparent owner is not barred by the statute of limitations; and
(3) The property has a value of $50.00 or more.
(cf: P.L.2002, c.35, s.40)
2. This act shall take effect immediately.
STATEMENT
This bill requires holders in possession of an account containing monies collected and deposited in a rental security deposit account established and maintained by a landlord of real property that is presumed to be abandoned and subject to custody as unclaimed property under the "Uniform Unclaimed Property Act" to send, by certified mail, return receipt requested, a second written notice to the landlord at the last known address informing him that the holder is in possession of the account.
Currently, a holder in possession of property presumed to be abandoned is required to send a single notice to the account owner informing him of the account and its content not more than 120 days, but not less than 60 days, before filing a report of abandoned property with the State Treasurer. This bill provides that, in addition to sending this initial notice as required under the act, the holder in possession of a rental security deposit account that is presumed to be abandoned must send an additional notice to the landlord informing him of the account and its content no more than 60 days, but not less than 30 days after the initial notice is sent.
