H291 - Hazardous Materials in Safe Deposit Box (SL 2015-68)

Overview: S.L. 2015-68 gives the State Treasurer authority in the handling of unclaimed property determined to be of a hazardous nature or otherwise regulated, illegal, or which has no substantial commercial value and provides guidance for the proper disposition of these materials on the part of financial organizations. The act provides that none of the following are liable for any loss due to the disposal of materials unless the loss is due to intentional misconduct:

• The State, the Treasurer, or any officer, employee, or agent of the State or the Treasurer, acting in the person's individual and official capacity.
• A financial organization or any officer, employee, or agent of the financial organization.

This act became effective October 1, 2015.