COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1454-01
Bill No.: SB 429
Subject: Banks and Financial Institutions; Employees - Employers; Property, Real and Personal; Treasurer, State
Type: Original
Date: February 20, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials from the Office of Administration (OA) - Division of Accounting, OA - Division of Design and Construction, Office of State Treasurer and Department of Labor and Industrial Relations assume the proposal will have no fiscal impact on their organizations.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
This proposal may result in minimal administrative savings to small businesses as it could reduce the amount of time an employer would have to track unclaimed wages.
DESCRIPTION
This proposal makes an exception to section 447.530 RSMo, which deals with abandoned intangible personal property. It allows an employer to surrender unclaimed wages of fifty dollars or less to the state treasure after the wages are unclaimed by the employee for six months.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Office of Administration -
Division of Accounting
Division of Design and Construction
Department of Labor and Industrial Relations
Office of State Treasurer
Mickey Wilson, CPA
Director
February 20, 2003