Unclaimed Savings Bond Act of 2019

Bill: 116-s-2417
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2019-08-01
Policy area: Economics and Public Finance
Subjects: Bank accounts, deposits, capital

Securities

State and local finance
Latest action: action_date: 2019-08-01
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-08-01
action_desc: Introduced in Senate
text: <p><strong>Unclaimed Savings Bond Act of 2019</strong></p> <p>This bill establishes requirements and procedures for the Department of the Treasury to transfer ownership of matured, unredeemed savings bonds and related records to states.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2417 IN THE SENATE OF THE UNITED STATES August 1, 2019 Mr. Kennedy (for himself, Mr. Moran , and Mr. Cassidy ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To provide for payment of proceeds from savings bonds to a State with title to such bonds pursuant to the judgment of a court.

1. Short title This Act may be cited as the Unclaimed Savings Bond Act of 2019 . 2. Payment to States with title to undelivered savings bonds Section 3105 of title 31, United States Code, is amended by adding at the end the following: (f) (1) The Secretary shall recognize an order of a court of competent jurisdiction that vests title to an applicable savings bond with a State, regardless of whether the State has possession of such bond, if— (A) such order is entered after December 31, 2012, and before January 1, 2026; and (B) the State provides the Secretary with a certified copy of such order. (2) (A) If a State has title or is seeking to obtain title through a judicial proceeding to an applicable savings bond, the Secretary shall provide to the State, upon request, any reasonably available records or information— (i) relating to the purchase or ownership of such bond, including any transactions involving such bond; or (ii) which may provide the serial number or other identifying information relating to such bond. (B) Any records or information provided to a State pursuant to subparagraph (A) shall be considered sufficient to enable the State to redeem the applicable savings bond for full value, regardless of whether the bond is lost, stolen, destroyed, mutilated, defaced, or otherwise not in the possession of the State. (3) (A) Subject to subparagraph (C), a State may redeem and receive payment for an applicable savings bond for which the State has title pursuant to the same procedures established pursuant to regulations which are available for payment or redemption of a savings bond by any owner of such bond. (B) The Secretary may not prescribe any regulation which prevents or prohibits a State from obtaining title to an applicable savings bond or redeeming such bond pursuant to the procedures described in subparagraph (A). (C) In the case of an applicable savings bond which is lost, stolen, destroyed, mutilated, defaced, or otherwise not in the possession of the State, if the State has requested records and information under paragraph (2)(A), any applicable period of limitation for payment or redemption of such bond shall not begin to run against the State until the date on which the Secretary has provided the State with the records and information described in such paragraph. (4) (A) If the United States Government makes payment to a State for an applicable savings bond pursuant to paragraph (3)(A)— (i) the United States Government shall not retain any further obligation or liability relating to such bond, including any obligation or liability with respect to the registered owner of such bond (as described in paragraph (5)(B)); and (ii) such bond shall not be redeemable by the Secretary or any paying agent authorized to make payments to redeem such bonds. (5) For purposes of this subsection, the term applicable savings bond means a matured savings bond, and all payment of such bond, including interest, for which such bond— (A) was originally in paper, paperless, or electronic form; (B) is registered to an owner with a last known address that is within the State described in paragraph (1); and (C) has not been redeemed by such owner. .