CHAPTER 120
HB 1533 – FINAL VERSION
05Mar2008… 0384h
07May2008… 1545eba
2008 SESSION
05/04
HOUSE BILL 1533
AN ACT relative to the office of the state treasurer.
SPONSORS: Rep. P. McMahon, Merr 3; Rep. Franklin, Sull 2; Rep. Weyler, Rock 8; Sen. Janeway, Dist 7
COMMITTEE: Executive Departments and Administration
This bill makes various technical changes to the laws governing the authority and duties of the state treasurer.
This bill is a request of the state treasurer.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
05Mar2008… 0384h
07May2008… 1545eba
08-2223
05/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT relative to the office of the state treasurer.
Be it Enacted by the Senate and House of Representatives in General Court convened:
120:1 State Treasurer. Amend RSA 6:3 to read as follows:
6:3 Bond. Before entering upon the duties of the office, the state treasurer shall give bond in the sum of $200,000, with sufficient sureties, to be approved by the governor and council, conditioned for the faithful discharge of the duties of the office of state treasurer[, including duties as custodian of trust funds of state institutions and of the several funds of the state employees’ retirement, teachers’ retirement, policemen’s retirement, firemen’s retirement systems and the New Hampshire retirement system]. Upon the failure of the legislature to elect a state treasurer on the first Wednesday of December of the biennium, the state treasurer previously elected shall give a new bond in the sum of $200,000 with sureties, to be approved by the governor and council, which bond shall be conditioned upon the satisfactory discharge of the duties of said office until a successor is elected.
120:2 State Treasurer and State Accounts. Amend RSA 6:4 - 6:7 to read as follows:
6:4 Books and Accounts. [He] The state treasurer shall provide, at the expense of the state, suitable books, records, electronic files, and other such documents, in which [he] shall [enter, according to forms approved by the governor and council, fair,] be entered detailed and correct records of all sums of money received into and paid from the treasury and of all [his] other official acts pursuant to RSA 5:33. [Insofar as the governor and council shall approve or direct, he shall also record all amounts receivable and payable and other assets and liabilities of the state. He shall take vouchers for all payments made by him, and shall carefully preserve all vouchers and records pertaining to his office.]
6:4-a Insurance. [He] The state treasurer may procure registered mail, certified mail or other shipping insurance to protect the state against losses, due to fire or other casualty, of negotiable securities shipped or mailed from and by the treasurer’s office.
6:5 Assistants. Subject to the state personnel regulations, and within the limits of available appropriations and funds, [he] the state treasurer may employ such clerical assistance as may be necessary.
6:6 Destruction of Documents. The state treasurer may destroy documents, cancelled checks, [and] papers, and electronic records filed in [his] the office [at the end of 7 years from the time of filing as herein provided. All checks issued prior to July 1, 1945 may be destroyed without microfilming or photostating or other process of reproduction. All checks of which a microfilm or photostat record has been made or which have been accurately reproduced by some other process may be destroyed at the end of 2 years from the time of filing. He shall submit to the governor and council a statement describing documents, checks and papers that he desires to remove from the files and a committee of the council shall examine the same. If the committee approves such destruction a record shall be made of all such documents, checks and papers, and they shall then be destroyed by the state treasurer in the presence of the committee] of the treasurer pursuant to RSA 5:33.
6:7 Bank Deposits. The treasurer may deposit any portion of public moneys, in the treasurer’s possession, in [such national banks, trust companies, and savings banks within the United States having a branch within the state of New Hampshire, as shall be approved at least once each year by the governor and council] federally insured banks chartered under the laws of New Hampshire or the federal government, with a branch within the state. At the discretion of the treasurer, balances may be collateralized if those balances are deemed to be significant in relation to the equity position of the [bank, trust company, or savings] federally insured bank. Other conditions being equal, those federally insured banks[, trust companies, or savings banks] shall receive preference which allow interest on balances. As used in this section the term “public moneys” shall include the general funds of the state and any funds of which the state treasurer acts as custodian or agent.
120:3 Investment of Funds. Amend RSA 6:8 to read as follows:
6:8 Investment of Funds. All funds over which the state has exclusive control, aside from such sums of money as the treasurer may deem necessary to hold or deposit for meeting current expenses, shall be invested by the treasurer, with the approval of the governor and council, in obligations of the United States government, in obligations of any county government, municipal government, or district or division thereof within the state of New Hampshire, in obligations which are legal investments for savings banks [and trust companies, in all types of savings accounts,] pursuant to RSA 387, in participation units in the public deposit investment pool established pursuant to RSA 383:22, [in certificates of deposit of state or federally chartered banking institutions within New Hampshire, or in certificates of deposit of national banks within the commonwealth of Massachusetts] or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state.
120:4 Agreements Relating to Registered Bonds and Notes. Amend RSA 6:8-b, I to read as follows:
I. In connection with the issuance by the state of original or replacement bonds or notes in registered form, the treasurer is authorized to contract for and engage the services of banks, trust companies, banking or financial institutions or other persons within or without the state to perform authentication, registration, transfer, exchange and record or book entry functions, and prepare and maintain reports and accounts and perform related duties relative to the [preparation, signing and issuance of checks in] payment of those bonds or notes and the interest thereon. The treasurer may also enter into agreements with custodian banks and financial intermediaries and nominees of any of them in connection with the establishment and maintenance by others of a central depository system for the transfer of bonds and notes or of interests therein.
120:5 Disbursements. Amend RSA 6:10 to read as follows:
6:10 Disbursements. The treasurer shall pay, out of any moneys not otherwise appropriated, all sums due by virtue of general or special appropriations of the legislature, on warrants drawn by the governor, and the principal or interest on all loans which may at any time become due. All bills and obligations of the state shall be paid from [his] the office of the treasurer. In the performance of this duty, the treasurer shall accept checks prepared by the [department of centralized data processing] office of information technology. The [director of the department of centralized data processing] chief information officer shall be responsible for any overpayment, duplicate payment, or any other unauthorized payment resulting from the use of such checks caused intentionally or inadvertently by any personnel, or failure or error of programming, or procedures of [the department of centralized data processing] office of information technology. [The director and any other personnel the data processing commission deems necessary or advisable shall be bonded for the faithful discharge of the duties of the department of centralized data processing provided for by this section.]
120:6 Disposition of Funds. Amend RSA 6:10-b to read as follows:
6:10-b Disposition of Funds. All state funds held on deposit for the payment of such checks shall, upon cancellation of the record of the checks by the treasurer, be reported as unclaimed property, to the extent that such amounts are not determined to be de minimus by the state treasurer, and be held subject to the provisions of RSA 471-C.
120:7 Payments to Treasurer. Amend RSA 6:11, V to read as follows:
V. All state departments and institutions, except those state departments and institutions which are exempted in RSA 6:11, III, depositing moneys directly into a treasury bank account shall prepare and submit to treasury the appropriate accounting documentation [with a copy of a bank deposit receipt as evidence of a deposit]. Such departments and institutions shall make every effort to ensure that the documentation is received by treasury on the same day as the day of deposit.
120:8 Return of Checks, Drafts, and Money Orders. Amend RSA 6:11-a to read as follows:
6:11-a Return of Checks, Drafts and Money Orders; Fee.
I. Any [check, draft or money order] payment received by any state department or institution for [the payment of] a fee, license, or product which is returned to the state department or institution as uncollectable [may] shall be returned to the sender and not deposited with the state treasurer. Whenever [any check, draft or money order issued in] payment of any fee or for any other purpose is returned to any state department or institution as uncollectable, the department or institution may charge a fee of $25 or 5 percent of the face amount of the check, whichever is the greater, plus all protest and bank fees, in addition to the amount of the [check, draft or money order] initial payment to the person presenting the [check, draft or money order] payment to the department or institution to cover the costs of collection.
II. A [check, draft or money order] payment received by any state department or institution for [the payment of] a fee, license, or product [may] shall be returned to the sender and not deposited with the state treasurer and any application received by a state department or institution may be returned to the sender under any of the following circumstances:
(a) The amount of the [check, draft or money order] payment is incorrect.
(b) The application is required to be submitted with the payment of a fee and is not so submitted or is improperly or incorrectly submitted.
(c) A license applicant has not complied with one or more statutory requirements entitling him to make such application.
(d) The requested product is unavailable.
III. The department or institution may charge a fee, if appropriate, of at least $25 plus all protest and bank fees, if any, to the person presenting an application[, check, draft or money order] or payment which is unacceptable to a state department or institution, as provided in paragraph II.
120:9 Dedicated Funds. Amend RSA 6:12, I(b)(57) to read as follows:
(57) Moneys received pursuant to RSA 651:63, V designated for the department of corrections shall be deposited into an account to fund the operating appropriation of the division of field services, department of corrections. [Unexpended account balances in excess of $50,000 at the end of any fiscal year shall lapse to the general fund.]
120:10 Duties of State Treasurer. Amend RSA 6:17-6:18-a to read as follows:
6:17 Reports. The state treasurer shall make an annual report showing the details of receipts and disbursements, together with the aggregate amount of funded debt of the state. It shall also show the details of receipts and disbursements of all trust funds and/or funds held by [him] the treasurer as custodian. It shall contain a particular statement of all transactions affecting the funds belonging to or held in trust by the state, including new investments of any portion of the same made during the preceding year.
6:18 Treasurer Relieved of Certain Accounting Duties.
I. The state treasurer is hereby relieved of all duties in respect to the keeping of records and accounts and of rendering reports except such as are necessary to [enable him duly to] account for all moneys received, held in custody, invested, and disbursed by [him] the office of the treasurer, or by depositories of public funds acting as fiscal agents of the state.
II. Other provisions of law notwithstanding, the state treasurer is hereby relieved of maintaining any accounts by appropriation or division code and shall only maintain on [his records] the state’s centralized financial system the fund to which the money belongs.
6:18-a Use of Facsimile Signature. When endorsing the state’s guarantee on any bond or note issued by any political subdivision of the state, the state treasurer may cause such guarantee to be executed with an engraved or printed facsimile of [his] the treasurer’s signature in lieu of [his manual] a signature. Such facsimile shall have the same effect as the manual signature of the state treasurer.
120:11 Commissioner During Vacancy. Amend RSA 6:20 to read as follows:
6:20 Commissioner During Vacancy in Office. Upon the death, resignation, or removal of the treasurer, the governor, with the advice of the council, shall appoint some suitable person as commissioner, to take charge of the money, books, electronic records, and papers in the office, and to perform all the duties of treasurer until a treasurer is elected and qualified. Before entering upon the discharge of [his] the duties of the treasurer, the commissioner shall give bond as provided for the treasurer in RSA 6:3.
120:12 State Leases. Amend RSA 6:35 to read as follows:
6:35 State Leases. The 10-year limitation does not apply to leases for state facility energy cost reduction projects pursuant to RSA 21-I:19-a through RSA 21-I:19-e, which shall be subject to the term limitation applicable to energy performance contracts, as defined therein. The treasurer[, with the approval of the governor and council, may enter into leases of equipment at the request of any state agency or department for a term not exceeding 10 years] may establish financing criteria to be met by any state agency or department before entering into leases for equipment. In no instance shall the term of such lease exceed 10 years. For purposes of this section “leases” shall include lease-purchase, sale and lease back, installment sale, or other similar agreements entered into by various agencies or departments to acquire such equipment from time to time for [various] the agencies or departments; provided that funding for such equipment leases was specifically approved by the legislature in a budget. Payment obligations under any lease entered into under this section shall be subject to annual appropriation and shall not be treated as debt obligations of the state. [The treasurer may execute] Nothing in this chapter shall prohibit the treasurer from entering into financing agreements or executing any related documents, including any document creating or confirming any security interest retained by the seller or lessor of the equipment.
120:13 New Hampshire Excellence in Higher Education Endowment Fund; Report by New Hampshire College Tuition Savings Plan Advisory Commission. Amend RSA 6:43 to read as follows:
6:43 Report. By November 1 of each year, the commission shall prepare a report regarding the status of the trust fund. Such report shall be submitted to the president of the senate, the speaker of the house, the governor, and the state library, and shall be posted to the [“Webster”] state government Internet site.
120:14 State Bonds; Short Term Notes. Amend RSA 6-A:4 to read as follows:
6-A:4 Short Term Notes. Pending the issue of bonds, the state treasurer, when authorized by the governor and council, may borrow money on short term notes in anticipation of the bonds. At no time shall the amount due on such short term notes exceed the amount of the appropriation for the same purposes. Each such note shall mature within 5 years from its date, provided that notes issued for a shorter period may be refunded from time to time by the issue of other such notes maturing within 5 years from the date of the original loan being refunded. The notes may also be refunded by the issue of bonds hereunder or may be paid from any cash in the treasury. The notes shall be deemed a pledge of the faith and credit of the state. Any premium received on the sale of notes shall be applied to the payment of the costs of issuing the notes or credited to the general fund, as the state treasurer shall determine.
120:15 State Bonds; Proceeds. Amend RSA 6-A:7 to read as follows:
6-A:7 Proceeds. The proceeds from the sale of bonds and notes hereunder, except [premiums and] accrued interest, and from any advances under RSA 6-A:5 shall be held by the state treasurer and paid out by [him] the treasurer upon warrants drawn by the governor for the purposes for which the bonds were authorized. The governor, with the advice and consent of the council, shall draw [his] a warrant for the payments from such funds of all sums expended or due for such purposes.
120:16 Bonds Sold at Discount or Premium. Amend RSA 6-A:12 to read as follows:
6-A:12 Bonds Sold at Discount or Premium. For the purpose of determining the amount of bonds issued by the state pursuant to this chapter or any other law, the amount of any issue of bonds [sold at a discount] shall be equal to the net proceeds thereof, determined by adding to the face amount of the bond issue the premium, if any, related to bonds of that issue and then subtracting the discount, if any, related to bonds of that issue, provided that the state treasurer may apply all or a portion of any premium received on the sale of any such bonds, without appropriation, to the costs of issuing such bonds or to the credit of the general fund, in which case the amount of any premium so applied shall not be included in the net proceeds of the issue. The amount of bonds of any such issue considered outstanding at any time, for the purpose of computing any statutory debt limit, shall be determined by multiplying the face amount of the bonds of that issue then outstanding by a fraction, the numerator of which is the net proceeds of the issue as determined above, and the denominator of which is the face amount of the issue. For the purpose of determining the amount of bond proceeds expended by the state for purposes specified by any law, such proceeds [in the case of any issue of bonds sold by the state at discount] shall be equal to the expenditure of the net proceeds of the issue, as determined above.
120:17 Cost of Debt Insurance. Amend RSA 6-A:13 to read as follows:
6-A:13 Cost of Debt Issuance; Application of Premium. The state treasurer may incur bond issuance costs [and bond discounts, if applicable,] which [shall] may be offset with any bond premiums, if applicable, for bonds sold under this chapter as determined by the state treasurer. Any remaining premium shall be included in the calculation of net proceeds of an issue or credited to the general fund as determined by the state treasurer pursuant to RSA 6-A:12. In order to provide funds to pay the cost of issuing bonds [or the bond discount or to establish estimated revenue for the bond premium], the governor, upon request of the state treasurer, shall draw a warrant for such payments out of any money in the treasury not otherwise appropriated from each fund as appropriate.
120:18 Custody and Administration of State Trust Funds. Amend RSA 11:1 to read as follows:
11:1 Custody and Administration. All trust funds left to and accepted by the state shall be kept separate from any other funds and shall be administered by the board of trustees or other governing body having control of the activities to be benefited by the trust in accordance with the terms of the instrument creating the same and under the direction and supervision of the governor and council. The funds shall be in the custody of the state treasurer. At the request of the attorney general, the state treasurer may accept custody of funds to be held in escrow for actions in which the state is a party at interest.
120:19 Duties of County Treasurers. Amend RSA 29:1 to read as follows:
29:1 Duties.
I. The county treasurer shall have custody of all moneys belonging to the county, and shall pay out the same only upon orders of the commissioners. The county treasurer shall deposit the same in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in [solvent banks in the state,] federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, except that funds may be deposited in federally insured banks outside the state if such banks pledge and deliver to a third party custodial bank or the regional federal reserve bank collateral security for such deposits[,] of the following types:
(a) United States government obligations,
(b) United States government agency obligations[,]; or
(c) Obligations of the state of New Hampshire in value at least equal to the amount of the deposit in each case.
II. The amount of collected funds on deposit in any one bank shall not at any time exceed the sum of its paid-up capital and surplus.
III. The county treasurer shall keep in suitable books provided for the purpose a fair and correct account of all sums received into and paid from the county treasury, and of all notes given by the county, with the particulars thereof. At the close of each fiscal year, the county treasurer shall make a report to the county, giving a particular account of all the treasurer’s financial transactions during the year. The treasurer shall furnish to the commissioners statements from the books, and submit the books and vouchers to them and to the county auditors for examination, whenever so requested.
IV. Whenever the county treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the treasurer shall, with the approval of the commissioners, invest the same in obligations of the United States government, in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in [savings bank] deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks [incorporated] chartered under the laws of the state of New Hampshire or [in certificates of deposits and repurchase agreements of banks incorporated under the laws of the state of New Hampshire or in banks recognized by the state treasurer] the federal government with a branch within the state. Any person who directly or indirectly receives any such funds or moneys for deposit or for investment in securities of any kind shall, prior to acceptance of such funds, make available at the time of such deposit or investment, an option to have such funds secured by collateral having a value at least equal to the amount of such funds. Such collateral shall be segregated for the exclusive benefit of the county. Only securities defined by the bank commissioner in rules adopted pursuant to RSA 386:57 shall be eligible to be pledged as collateral. At least yearly, the county treasurer, with the approval of the county commissioners, shall review and adopt an investment policy for the investment of public funds in conformance with the provisions of applicable statutes.
120:20 County Treasurer; Bank Deposits by State Treasurer. Amend RSA 29:2 to read as follows:
29:2 Bank Deposits. The treasurer shall deposit all public funds in [his] the treasurer’s custody in [solvent] banks within the state pursuant to RSA 29:1 but the amount of collected funds on deposit in any one bank shall not at any time exceed the sum of its paid-up capital and surplus.
120:21 School Districts; Treasurer’s Duties. Amend RSA 197:23-a to read as follows:
197:23-a Treasurer’s Duties.
I. The treasurer shall have custody of all moneys belonging to the district and shall pay out the same only upon orders of the school board or upon orders of the 2 or more members of the school board empowered by the school board as a whole to authorize payments. The treasurer shall deposit the moneys in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in [solvent banks in the state] federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, except that funds may be deposited in banks outside the state if such banks pledge and deliver to a third party custodial bank or the regional federal reserve bank collateral security for such deposits of the following types:
(a) United States government obligations,
(b) United States government agency obligations[,]; or
(c) Obligations of the state of New Hampshire in value at least equal to the amount of the deposit in each case.
II. The amount of collected funds on deposit in any one bank shall not at any time exceed the sum of its paid-up capital and surplus.
III. The treasurer shall keep in suitable books provided for the purpose a fair and correct account of all sums received into and paid from the district treasury, and of all notes given by the district, with the particulars thereof. At the close of each fiscal year, the treasurer shall make a report to the district, giving a particular account of all of the treasurer’s financial transactions during the year. The treasurer shall furnish to the school board statements from the books, and submit the books and vouchers to them and to the auditors for examination, whenever so requested.
IV. Whenever the treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the treasurer shall, with the approval of the school board, invest the same in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in [savings bank] deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks incorporated under the laws of the state of New Hampshire[,] or [in certificates of deposits and repurchase agreements of banks incorporated under the laws of the state of New Hampshire or in banks recognized by the state treasurer,] the federal government with a branch within the state and in obligations fully guaranteed as to principal and interest by the United States government. The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations. Any person who directly or indirectly receives any such funds for deposit or for investment in securities of any kind shall, prior to acceptance of such funds, make available at the time of such deposit or investment an option to have such funds secured by collateral having a value at least equal to the amount of such funds. Such collateral shall be segregated for the exclusive benefit of the district. Only securities defined by the bank commissioner as provided by rules adopted pursuant to RSA 386:57 shall be eligible to be pledged as collateral. At least yearly, the school board shall review and adopt an investment policy for the investment of public funds in conformance with the provisions of applicable statutes.
120:22 Nongame Species Account. Amend RSA 212-B:6 to read as follows:
212-B:6 Fund Established; Continuing General Fund Appropriation to Match Donations.
I. The state treasurer shall establish a separate nonlapsing account within the fish and game fund to be known as the nongame species account to which moneys obtained by the fish and game department shall be applied, including any federal moneys which become available from the federal government, any state funds appropriated, and all donations received. The moneys in this account shall be used for the development and implementation of a comprehensive nongame species management program.
II. The fish and game department shall issue a certificate of participation to any individual who donates not less than $10 to the nongame species account established in paragraph I. [The state treasurer shall deposit annually from the general fund into the special nongame species account] An amount equal to the moneys donated during any fiscal year under this paragraph up to and including a total of $50,000 [annually] shall be transferred annually to the special nongame species account. The governor is authorized to draw [his] a warrant for such amount out of any money in the treasury not otherwise appropriated. This is a continuing appropriation.
120:23 Administration of Motor Vehicle Laws. Amend RSA 260:60 to read as follows:
260:60 Exception. Notwithstanding all other laws and rules to the contrary, annually, on or before June 1, the road toll administrator shall compare the number of gallons on which refunds have been made for the preceding calendar year for motor fuel used in the propulsion of boats on inland public waters of the state, with the number of gallons of such motor fuel sold and delivered directly into the fuel tanks, or supplementary fuel tanks, of boats or outboard motors upon the inland public waters for use in such boats or outboards, based on the number of boats registered in the state at 100 gallons usage per boat, and if there is any balance of unrefunded tolls so collected, the administrator shall report the same to the [state treasurer] comptroller who shall, on July 1, next following, credit 1/2 of said balance to the general fund and credit 1/2 of said balance to the fish and game department. The funds credited to the fish and game department shall be used by said department to carry out its program and be accounted for as the fish and game fund is accounted for. Any funds credited to the fish and game department as above provided shall not lapse at the end of the fiscal year. The department shall pay monthly to the state treasurer all revenue from the aircraft landing area toll.
120:24 Administration of Motor Vehicle Laws; Comptroller. Amend RSA 260:61, I to read as follows:
I. Annually, on or before June 30, the [state treasurer] comptroller shall transfer, from road tolls collected, an amount equal to the number of licensed OHRVs and snowmobiles for the previous year times the average number of gallons consumed per year per OHRV and snowmobile times the gasoline road toll imposed under RSA 260:32, less any amount refunded for OHRV and snowmobile use for the previous year, to the fish and game department and the bureau of trails as follows. The road toll administrator shall report to the [state treasurer] comptroller if there is a balance of unrefunded road tolls collected. The administrator shall certify the amount to the [state treasurer] comptroller who shall credit 1/2 of such balance to the bureau of trails for use as provided in paragraph I-a, and 1/2 of such balance to the fish and game department. For the purposes of this section, “the average number of gallons consumed per year per OHRV or snowmobile” is 100.
120:25 Duties of Town Treasurer; Investment Policy. Amend RSA 41:29, IV to read as follows:
IV. Whenever the town treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the town treasurer shall invest the same in accordance with the investment policy adopted by the selectmen under RSA 41:9, VII. The treasurer may invest in the public deposit investment pool established pursuant to RSA 383:22, or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, or in obligations fully guaranteed as to principal and interest by the United States government. The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations.
120:26 City Treasurer. Amend RSA 48:16, III to read as follows:
III. Whenever the city treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the city treasurer shall invest the same in accordance with the investment policy adopted by the mayor and board of aldermen or city council under RSA 47:6, II. The treasurer may invest in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, or in obligations fully guaranteed as to principal and interest by the United States government. The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations.
120:27 Unclaimed and Abandoned Property; Stocks and Other Intangible Interests. RSA 471-C:10 is repealed and reenacted to read as follows:
471-C:10 Stock and Other Intangible Interests in Business Associations.
I. Stock or other equity interest in a business association other than a consumers' cooperative association, is presumed abandoned 3 years after the earliest of:
(a) The date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner; or
(b) The date a statement of account or other notification or communication was returned as undeliverable.
II. Paragraph I applies to the underlying stock, share, or other intangible ownership interest of an owner, as well as to the stock, share, or other intangible ownership interest in dividend and nondividend paying business associations whether or not the interest is represented by a certificate. At the time the property is presumed abandoned, any other property right accrued or accruing to the owner as the result of the property interest and not previously presumed abandoned, is also presumed abandoned.
III. The running of the 3-year period of abandonment ceases immediately if the apparent owner has:
(a) Communicated in writing with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
(b) Otherwise communicated with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee or authorized agent of the association.
(c) Presented an instrument issued to pay interest or a dividend or other cash distribution. If any future dividend, distribution, or other sum payable to the owner as a result of the ownership interest is subsequently not claimed by the owner a new period in which the property is presumed abandoned commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.
IV. Any dividend, profit, distribution, interest, redemption, payment on principal, or other sum held or owing by a business association for or to its shareholder, certificate holder, member, or holder of other equity interest who has not claimed it, or corresponded in writing with the business association concerning it, within 3 years after the date prescribed for payment or delivery, is presumed unclaimed.
120:28 Report of Abandoned Property. Amend RSA 471-C:19, I to read as follows:
I. A person holding property, tangible or intangible, presumed abandoned and subject to custody as unclaimed property under this chapter shall report to the administrator concerning the property as provided in this section. Reports containing 20 or more items shall be remitted in an electronic format as prescribed by the administrator. The administrator may waive this requirement when he or she determines that it creates an undue hardship.
120:29 New Paragraph; Notice and Publication of Lists of Abandoned Property. Amend RSA 471-C:20 by inserting after paragraph VI the following new paragraph:
VII. Any information or records required to be furnished to the division of abandoned property shall be confidential except as is otherwise necessary in the proper administration of this chapter. Notwithstanding any other provision of law, any identifying information set forth in any report, record, claim, or other document submitted to the treasurer pursuant to this chapter concerning unclaimed or abandoned property is a confidential record and shall be made available for public examination or copying only in the discretion of the treasurer or the treasurer’s designee.
120:30 Public Sale of Abandoned Property. Amend RSA 471-C:24, I-III to read as follows:
I. Except as provided in paragraphs II and III, the administrator, within one year after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords in the judgment of the administrator the most favorable market for the property involved. The administrator may decline the highest bid and reoffer the property for sale if in the judgment of the administrator the bid is insufficient. If in the judgment of the administrator the probable cost of sale exceeds the value of the property it need not be offered for sale. Any sale held under this section [must] shall be preceded by notice sent via regular mail to the last known address of the property owner at least 30 days in advance of sale and a single publication of notice, at least 3 weeks in advance of sale, in a newspaper of general circulation in the county in which the property is to be sold.
II. Securities listed on an established stock exchange shall be sold at prices prevailing at the time of sale on the exchange. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.
III. Unless the administrator considers it to be in the best interest of the state to do otherwise, all securities, other than those presumed abandoned under RSA 471-C:10, delivered to the administrator shall be held for at least one year before the administrator may sell them. Sales of securities shall be preceded by regular mail notice as set forth in paragraph I.
120:31 Abandoned Property Claims Filed with Administrator. Amend RSA 471-C:26 to read as follows:
471-C:26 Filing of Claim with Administrator.
I.(a) A person, excluding another state, claiming an interest in any property paid or delivered to the administrator may file with the administrator a claim on a form prescribed by the administrator and verified by the claimant.
(b) A person claiming an abandoned utility deposit or any other abandoned property under the provisions of RSA 471-C:8 that was not deposited with the administrator pursuant to RSA 471-C:8, II or IV, may file a claim on a form prescribed by the administrator and verified by the claimant. Any claim paid by the administrator under this paragraph, shall be reimbursable by the utility company which originally reported the property as abandoned or the public interest payphone fund established under RSA 374:22-q. The utility company or the public interest payphone fund shall remit such payment upon notification of the claim by the administrator.
(c) If the administrator holds unclaimed property in the name of a deceased owner, the administrator may consider claims to the property as follows:
(1) In the case of an open estate, by the administrator or executor appointed by the probate court.
(2) In the case of a closed estate where the unclaimed property is valued at less than $5,000 and does not include securities in share form, in accordance with the final distribution of assets as approved by the probate court.
(3) In the absence of an open estate or probate court decree of final distribution, and the unclaimed property is valued at less than $5,000 and does not include securities in share form, by the surviving spouse of the deceased owner, or, if there is no surviving spouse, then to the next of kin in accordance with the provisions of RSA 561:1.
(4) In all other instances where the administrator holds property in the name of a deceased owner, a probate estate shall be opened, in an appropriate jurisdiction by the claimant, or other interested party, in order to determine the appropriate distribution of the unclaimed property under the law.
II. The administrator shall consider each claim within 90 days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If no address for notices is stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. No notice of denial need be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
III. If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if it has been sold by the administrator, together with any additional amount required by RSA 471-C:23.
IV. [Repealed.]
120:32 Escheat Proceedings. Amend RSA 471-C:30, I to read as follows:
I. Within 36 months after the close of the [calendar] state’s fiscal year in which any property presumed abandoned under this chapter is paid or delivered to the administrator, if no claim for the property has been made and established by any person, not including another state, entitled to the property and notice pursuant to RSA 471-C:20 has occurred, the administrator shall pay or deliver all such property to the appropriate county treasurer as required under RSA 471-C:31, subject to the state deduction under paragraph II.
120:33 Portion of Restitution Fees Deposited in Fund for Division of Field Services. Amend RSA 651:63, V to read as follows:
V. The court shall add 17 percent to the total restitution payment as an administrative fee to be paid by the offender. Such administrative fee shall be divided into the following components, to be designated as follows: 15 percent shall be continually appropriated to a special fund for the division of field services, department of corrections, $22,500 of which shall lapse to the general fund at the end of each quarter should that amount be received, to maximize restitution collections, directly or through agents of contractors selected by the department; and 2 percent for the victims’ assistance fund. Unexpended account balances in the special fund for the division of field services in excess of $50,000 at the end of the fiscal year shall lapse to the general fund. Administrative fees shall be paid by the offender in addition to and when each restitution payment is made.
120:34 Repeal. The following are repealed:
I. RSA 6:19, relative to removal of the state treasurer.
II. RSA 6:32 - 6:34, and the subdivision heading preceding RSA 6:32, relative to principles for investment of state funds in Northern Ireland.
III. RSA 471-C:3-a, relative to abandoned intangible property.
120:35 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 3, 2008
Effective Date: August 2, 2008