FISCAL NOTE

Date Requested: February 17, 2021
Time Requested: 01:22 PM
Agency: Treasurer's Office, WV
CBD Number: Version: Bill Number: Resolution Number:
2694 Introduced SB318
CBD Subject: Real and Personal Property


FUND(S):

1324--Unclaimed Property Fund

Sources of Revenue:

Special Fund

Legislation creates:

Decreases Existing Expenses



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The proposed legislation eliminates the requirement that the State Treasurer's Office publish the entirety of the Unclaimed Property registry annually in printed newspapers. Instead, the legislation requires the Treasurer to advertise the existence of the database and general information about unclaimed property in print newspapers in the state on an annual basis and allows a person to request information regarding unclaimed property by telephone or by mail.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2021
Increase/Decrease
(use"-")
2022
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 -220,000 -220,000
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0


Explanation of above estimates (including long-range effect):


The costs of of this publication for the previous fiscal year was $220,000. The cost savings from passage of this legislation will vary from year to year but does represent ongoing savings in future years.



Memorandum






    Person submitting Fiscal Note: James Fuerhoff
    Email Address: james.fuerhoff@wvsto.com