SB 1243 Requires public administrators serving as a conservator to have pooled accounts audited annually
Sponsor:Wheeler
LR Number:4482S.01T Fiscal Note:4482-01
Committee:Economic Development, Tourism & Local Government
Last Action:07/02/04 - Signed by Governor Journal page:
Title:
Effective Date:August 28, 2004
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Current Bill Summary

SB 1243 - This act requires the Public Administrator of Jackson County, who is serving as a conservator, to have pooled accounts audited at least once a year. The audit must review all receipts and disbursements of each estate account and a CPA must report to the judge about each account. The county is responsible for the expense of the audit.

Under this act, an account cannot be considered pooled unless:

(1) It is maintained at a bank or saving and loan institution;

(2) It is titled to reflect that the account is being held by a fiduciary; and

(3) The fiduciary maintains records that contain a statement of all accretions and disbursements and are maintained in the ordinary course of business.
SUSAN HENDERSON