COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2946-04
Bill No.: SB 1032
Subject: Allows the state treasurer to contract with property locators to assist in locating owners of abandoned property.
Type: Original
Date: February 11, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Office of the Secretary of State (SOS) state this bill allows the state treasurer to enter into contracts with property locators to locate owners of abandoned property. The state treasurer is given the authority to promulgate rules to implement this legislation. These rules will be published in both the Missouri Register and the Code of State Regulations. Based on experience with other divisions, the rules, regulations and forms issued by the state treasurer could require as many as 6 pages in the Code of State Regulations. For any given rule, roughly one-half again as many pages are published in the Missouri Register as are published in the Code because cost statements, fiscal notes and notices are not published in the Code. The estimated cost of a page in the Missouri Register is $23.00. The estimated cost of a page in the Code of State Regulations is $27.00. The actual costs could be more or less than the numbers given. The fiscal impact of this legislation in future years is unknown and depends upon the frequency and length of rules filed, amended, rescinded and withdrawn. The SOS estimates the cost of this legislation to be $369 [(9 pp x $27) + (6 pp x $23)].
Oversight assumes the SOS could absorb the costs of printing and distributing regulations related to this proposal. If multiple bills pass which require the printing and distribution of regulations at substantial costs, the SOS could request funding through the appropriation process. Any decisions to raise fees to defray costs would likely be made in subsequent fiscal years.
Officials from the Office of the State Treasurer assume the proposed legislation will not fiscally impact their organization.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
There could be a positive fiscal impact to small businesses if the property locators are small businesses. The net effect is unknown.
DESCRIPTION
This act allows the State Treasurer to contract with property locators to assist in locating owners
of abandoned property. The property locators must be registered with the Treasurer pursuant to
Section 447.581. Under the terms of the contract, the Treasurer may assign the property locator
up to 500 accounts. The accounts must be at least 24 months old and shall be assigned at random.
The property locator will be paid $15 for each account in which it finds the owner and for which
the owner has authorized the payment of such fee. The Treasurer must annually review the
performance of the property locator and if the locator does not locate 30% of the account owners,
the Treasurer may refuse to renew a contract with the locator.
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 the Secretary of State
Office of the State Treasurer
Mickey Wilson, CPA
Acting Director
February 11, 2002