It’s a bill that State Treasurer Mike Frerichs says could damage the state’s popular unclaimed property program. The state takes possession of safety deposit box items, dormant bank accounts and other holdings that have sat for years… and tries to return that money and property to the rightful owners.
But pending legislation would prohibit the use of audits to make sure banks and other institutions are complying with the law.
Frerichs says the bill would reward crooked companies at the expense of citizens… and he’s urging lawmakers to kill the bill.