GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	1 

HOUSE BILL 311

Short Title:  Escheat Sunset Removed.	(Public)

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Sponsors: Representatives Cansler; Buchanan, Capps, Davis, McComas, Morgan, Sherrill, and Shubert.

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Referred to:  Finance.

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February 24, 1997

A BILL TO BE ENTITLED
AN ACT TO ELIMINATE THE SUNSET ON GENERAL STATUTES SECTION 116B-23, EXCLUSION FOR FORFEITED RESERVATION DEPOSITS AND TO MAKE A TECHNICAL CORRECTION.
The General Assembly of North Carolina enacts:
Section 1.  Subsection (c) of Section 7A of Chapter 18 of the Session Laws of the Second Extra Session of 1996 reads as rewritten:
"(c)	Subsection (a) of this section applies to funds held or collected by business associations on or after July 1, 1996.  ."
Section 2.  G.S. 116B-23 reads as rewritten:
"§ 116B-23.  Exclusion for forfeited reservation deposits.
Property or funds withheld by a business association as a penalty or forfeiture or as damages in the event a person who has reserved the services of the business association fails to make use of and pay for the services, regardless of any practice or policy of the business association related to the return of withheld funds, are not unclaimed or abandoned property."
Section 3. This act is effective when it becomes law.  All property or funds held as forfeited reservation deposits prior to the effective date of this act pursuant to G.S. 116B-23 shall not escheat.