2017 Indiana Code
TITLE 32. Property
ARTICLE 34. LOST OR UNCLAIMED PERSONAL PROPERTY
CHAPTER 1. Unclaimed Property Act
32-34-1-30.1. Payment of interest accruing on property
Sec. 30.1. (a) As used in this section, "index" means the Weekly National Rates and Rate Caps index published by the Federal Deposit Insurance Corporation or any other index selected by the attorney general under subsection (d).
(b) When interest bearing property is paid or delivered to the attorney general under this chapter, the owner is entitled to receive interest that accrues on the property from the date of payment or delivery, as determined under this section.
(c) When the attorney general approves a valid claim, the attorney general shall calculate and pay the owner simple interest, without compounding, based on the average commercial interest rates for similar interest bearing property types during the period the attorney general has held the property. However, if the attorney general has held the property for more than five (5) years, the attorney general shall use the average commercial interest rate for the five (5) years preceding the year in which the claim is filed.
(d) The attorney general shall use the index to determine the average commercial interest rate earned by similar interest bearing property types. However, if the index is unavailable or, in the opinion of the attorney general, is no longer a reliable source for calculating interest earned by interest bearing property under this section, the attorney general may adopt a rule under IC 4-22-2 to select an alternate index for determining the average commercial interest rate.
(e) When the attorney general pays a claim for interest bearing property, the attorney general shall inform the owner of the rate used to calculate the interest paid on the claim. If the owner establishes to the satisfaction of the attorney general that the property would have earned a higher rate of interest if it had remained in the owner's custody in the same account, the attorney general shall pay interest based on the higher rate established by the owner.
As added by P.L.56-2014, SEC.5.
