Norwich bulletin., 1914-12-15
HOLT AT WORK ON
 NEW BANKING LAW
Would Have List of Unclaimed Amounts Filed at Capital for Ref

Bank Commissioner Fred P Holt is at work on a bill which he proposes to have introduced at the next ses- sion of the general assembly to pro- vide for a more efficient recording of the unclaimed deposits which are held by the various banks of the state. Un der the present law the banks are re- qufred to make an annual report to the comptroller of the state, showing what these deposits amount tol in de- tail, but mo record IS kept of them at the capitol in such a way as to be of assistance to those relatives of the depositors who from time to time apply for information as to the money.
 The law at present provides, in sec- ton 3.451 of the general statutes, as follows: "The treasurer of every sav- ings bank shall annually, on or before the tenth day of July. deliver to the comptroller sworn statement con taining the name and amount stand ing to the credit of every depositor who shall not have made a deposit therein, or withdrawn therefrom any part of his deposit. or any part of the interest thereon, for period of more than 20 years next preceding; but this section. shall not apply to the deposit made by any person known to the bank to be living. The comptroller shall communicate the statements which shall be so delivered to him to the general assembly on or before the third day of it's next session. If the treasurer of any savings bank neglects or refuses to comply with the provision of this section he shall be fined $100."
 The statements so submitted to the legislature, Mr. Holt points out. are referred to the banking committee and ff1aT1 f7 Te.cT n received from people throughout the state during the year asking if rel atives of theirs who have died left any bank deposits. The only thing to refer to in this case is the newspaper accounts of the reports. MT. Holt suggests that it be made the duty of the banking department of the state to keep a record of all reports of un- claimed deposits sent in by the banks and that these be sent in to the bank commissioner instead of the comptro1- Ter. A card index system of all names reported will be kept, with the bank in which the deposit lies and the amount contained in it and this will be easily available for information. Once every five years. MT. Holts bill provides. rdeport shall be issued in pamphlet form, giving the statistics for the preceding term. and these -re- ports shall be given on request.
 Commissioner Holt has declared that there is another law on the books which he would like to see wiped off entirely, although. he is not contem- plating any move for legislative action on it. This is contained in Section 2 of Chapter 197 of the Public Acts of 1911, and provides that "A1l cor porations. partnerships or individuals engaged in the business of receiving money for safe keeping or forward ing shall report to the bank com missioners that they are engaged in such business. and shall file with the state treasurer the bond of securities provided by Section of this act.''
 As an example of the inadeQuacfes of this law. Mir. Holt pointed out the various express companies doing bus iness as 2orwarders of money in this state The banking department has no jurisdiction over them, and al- though under the law, the companies notify the commissioner that they are engaged in such business. there is no further use for the notices, and they are put in the miscellaneous col11rnu- nications file Here they are unavaiI- able for information, and nothing more is prescribed as Co watching over the business of the companies. It is merely a waste of effort, time and space to accumulate such notices, and if MT Holt believes that. if 1t Is de- sired that a record be kept of such matters. more systematic means should be provided by law.