Georgia § 44-12-218 - Disposition of funds received under article.

§ 44-12-218. Disposition of funds received under article.

All funds received under this article, including the proceeds from the sale of abandoned property under Code Section 44-12-217, shall be deposited by the commissioner in the general fund; provided, however, that the commissioner may deduct moneys necessary to cover the direct administrative expenses required to identify, locate, secure, and transmit abandoned property prior to depositing such funds. Before making a deposit he or she shall record the name and last known address of each person appearing from the holders' reports to be entitled to the abandoned property and of the name and last known address of each insured person or annuitant and, with respect to each policy or contract listed in the report of an insurance corporation, its number, the name of the corporation, and the amount due. (Code 1981, § 44-12-218 , enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 2013, p. 636, § 2/HB 359; Ga. L. 2015, p. 30, § 3/SB 82.) The 2013 amendment, effective May 6, 2013, deleted the subsection (a) designation; in the first sentence of this Code section, deleted ", except that the commissioner shall retain in a separate trust fund a sum sufficient from which he shall make prompt payment of claims duly allowed by him as provided in Code Section 44-12-220" following "fund" at the end, and inserted "or she" near the beginning of the second sentence; and deleted former subsection (b), which read: "Before making any deposit to the credit of the general fund the commissioner may deduct:" "(1) Any costs in connection with sale of abandoned property; "(2) Any costs of mailing and publication in connection with any abandoned property; "(3) Operating expenses; "(4) Amounts required to make payments to other states, during the next fiscal year, through reciprocity agreements; and "(5) Expenses for consulting services." The 2015 amendment, effective March 31, 2015, in the first sentence, deleted "forthwith" following "shall" and added the proviso at the end.