Summary: S.1612 — 100th Congress (1987-1988)All Information (Except Text)

There is one summary for S.1612. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (08/06/1987)

Unclaimed Property Act of 1987 - Directs the Comptroller General to examine Federal agency records annually for unclaimed property. Requires agencies to transfer all unclaimed property to the Administrator of General Services for disposition.

Sets forth procedures for the recovery of unclaimed property by States.

Directs the Comptroller General to report annually to the authorized officer of each State all information concerning unclaimed property which the State may be entitled to recover, including the aggregate monetary value of such property. Requires the authorized officer to: (1) file a written demand for the property; and (2) certify in writing that the State shall relieve the United States from any claim arising from the delivery of any property to the State.

Provides for apportioning: (1) property claimed by more than one State; and (2) the aggregate monetary value of unclaimed property based on the population of a State.

Authorizes appropriations as necessary to the Comptroller General and the General Services Administration to carry out this Act.