Tennessee § 66-29-146 - Disposal of funds by treasurer.

§ 66-29-146. Disposal of funds by treasurer.

Except as otherwise provided in this section, the treasurer shall deposit in the general fund of the state all funds received under this part, including proceeds from the sale of property under this part. The treasurer shall maintain an account with an amount of funds the treasurer reasonably estimates to be sufficient to pay claims allowed under, and the costs of administering, this part for each fiscal year. If the treasurer determines that the amount of claims and administrative costs during a fiscal year exceeds the amount of funds received during such fiscal year, a sum sufficient must be appropriated from the general funds of the state to the treasurer for the payment of such claims and costs. For funds received under this part for the report year ending December 31, 2016, and for each report year thereafter, the treasurer shall determine each June 30 the amount of such funds remitted by or on behalf of each local government of the state and its agencies which have remained unclaimed for a minimum of eighteen (18) months following their delivery to the treasurer. If the aggregate unclaimed balance exceeds one hundred dollars ($100), the treasurer shall, upon request of the local government, pay an amount equal to the aggregate unclaimed balance, less a proportionate share of the cost of administering the program, as determined by the treasurer, to the local government, together with a report of the accounts represented by the funds. The funds must be placed in the local government's general fund, except the local government shall maintain, to the extent necessary, a sufficient amount of the total unclaimed property accounts to ensure prompt payment. For funds received under this part for the report year ending December 31, 2016, and for each report year thereafter, the treasurer shall determine each June 30 the amount of such funds remitted by or on behalf of each cooperative, as that term is defined in § 65-25-102, that have remained unclaimed for a minimum of eighteen (18) months following the delivery of the cooperative's funds to the treasurer. If the aggregate unclaimed balance exceeds one hundred dollars ($100), the treasurer, upon request of the cooperative, shall pay an amount equal to the aggregate unclaimed balance, less a proportionate share of the cost of administering the program, as determined by the treasurer, to the cooperative, together with a report of the accounts represented by the funds. The funds must be placed in the cooperative's general fund, except the cooperative shall maintain, to the extent necessary, a sufficient amount of the total unclaimed property accounts to ensure prompt payment. For funds received under this part for the report year ending December 31, 2020, and for each report year thereafter, the treasurer shall determine each June 30 the amount of the funds remitted by or on behalf of each telephone cooperative organized under, or otherwise subject to, the Telephone Cooperative Act, compiled in title 65, chapter 29, part 1, and organized for the purpose described in § 65-29-102, that have remained unclaimed for a minimum of eighteen (18) months following the delivery of the telephone cooperative's funds to the treasurer. If the aggregate unclaimed balance exceeds one hundred dollars ($100), then the treasurer, upon request of the telephone cooperative, shall pay an amount equal to the aggregate unclaimed balance, less a proportionate share of the cost of administering the program, as determined by the treasurer, to the telephone cooperative, together with a report of the accounts represented by the funds. The telephone cooperative shall place the funds in the telephone cooperative's general fund as long as the telephone cooperative maintains, to the extent necessary, a sufficient amount of the total unclaimed property accounts to ensure prompt payment. After the unclaimed property funds are returned to the telephone cooperative, the treasurer may continue to list the property on the department of treasury's website and may refer claimants to the telephone cooperative to claim their funds. Within thirty (30) business days after paying a claim under this section, the telephone cooperative shall report to the treasurer the name and address of the individual who received the unclaimed property from the telephone cooperative and the amount received. Acts 2017, ch. 457, § 1; 2020, ch. 793, § 1. Amendments. The 2020 amendment added (e). Effective Dates. Acts 2017, ch. 457, § 7. July 1, 2017; provided that, for purposes of promulgating rules, the act took effect May 25, 2017. Acts 2020, ch. 793, § 2. July 15, 2020.