United States 116th Congress Status: In Committee Bipartisan · 29 R · 6 D · 3 I cosponsors

S 2417 — Unclaimed Savings Bond Act of 2019

Last action — Read twice and referred to the Committee on Finance.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

In plain language

The bill allows states to take ownership of unredeemed savings bonds.

This bill establishes procedures for states to claim ownership and redeem matured, unclaimed savings bonds. It requires states to obtain a court order to transfer bond ownership from the original holder to the state.

What this means for you
  • States: States can obtain and redeem unclaimed savings bonds, benefiting their financial resources.

Summary

Unclaimed Savings Bond Act of 2019 This bill establishes requirements and procedures for the Department of the Treasury to transfer ownership of matured, unredeemed savings bonds and related records to states.

Bill Text

How this bill changes current law

8 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

This bill adds provisions for recognizing state titles to undelivered savings bonds as determined by court orders.

  • 31 U.S.C. § 3105

    (f)(1) The Secretary shall recognize an order of a court of competent jurisdiction that vests title to an applicable savings bond with a State, regardless of whether the State has possession of such bond, if-- (A) such order is entered after December 31, 2012, and before January 1, 2026; and (B) the State provides the Secretary with a certified copy of such order.

    This addition allows states to claim ownership of savings bonds based on court orders even if they do not physically possess the bonds.

  • 31 U.S.C. § 3105

    (2)(A) If a State has title or is seeking to obtain title through a judicial proceeding to an applicable savings bond, the Secretary shall provide to the State, upon request, any reasonably available records or information-- (i) relating to the purchase or ownership of such bond, including any transactions involving such bond; or (ii) which may provide the serial number or other identifying information relating to such bond.

    States can request relevant information from the Secretary to help them redeem bonds for which they have obtained title.

  • 31 U.S.C. § 3105

    (B) Any records or information provided to a State pursuant to subparagraph (A) shall be considered sufficient to enable the State to redeem the applicable savings bond for full value, regardless of whether the bond is lost, stolen, destroyed, mutilated, defaced, or otherwise not in the possession of the State.

    This provision ensures that states can redeem bonds even if they are not physically in their possession.

  • 31 U.S.C. § 3105

    (3)(A) Subject to subparagraph (C), a State may redeem and receive payment for an applicable savings bond for which the State has title pursuant to the same procedures established pursuant to regulations which are available for payment or redemption of a savings bond by any owner of such bond.

    States are allowed to redeem bonds under the same procedures as individual owners.

  • 31 U.S.C. § 3105

    (B) The Secretary may not prescribe any regulation which prevents or prohibits a State from obtaining title to an applicable savings bond or redeeming such bond pursuant to the procedures described in subparagraph (A).

    This guarantees that no regulations can prevent states from claiming or redeeming savings bonds.

  • 31 U.S.C. § 3105

    (C) In the case of an applicable savings bond which is lost, stolen, destroyed, mutilated, defaced, or otherwise not in the possession of the State, if the State has requested records and information under paragraph (2)(A), any applicable period of limitation for payment or redemption of such bond shall not begin to run against the State until the date on which the Secretary has provided the State with the records and information described in such paragraph.

    This provision extends the time limits for states to redeem bonds if they are seeking information from the Secretary.

  • 31 U.S.C. § 3105

    (4)(A) If the United States Government makes payment to a State for an applicable savings bond pursuant to paragraph (3)(A)-- (i) the United States Government shall not retain any further obligation or liability relating to such bond, including any obligation or liability with respect to the registered owner of such bond (as described in paragraph (5)(B)); and (ii) such bond shall not be redeemable by the Secretary or any paying agent authorized to make payments to redeem such bonds.

    This ensures that once a state redeems a bond, the federal government is no longer liable for it.

  • 31 U.S.C. § 3105

    (5) For purposes of this subsection, the term `applicable savings bond' means a matured savings bond, and all payment of such bond, including interest, for which such bond-- (A) was originally in paper, paperless, or electronic form; (B) is registered to an owner with a last known address that is within the State described in paragraph (1); and (C) has not been redeemed by such owner.

    This defines the type of savings bonds that states can claim ownership of under the new provisions.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Finance.

Sponsors

Sponsorship breakdown

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1 sponsors · 37 co-sponsors · 509 not signed on

Sponsors (1)

Co-sponsors (37)

Not signed on (509)

509 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
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Frequently asked questions

What does S 2417 do?
Unclaimed Savings Bond Act of 2019 This bill establishes requirements and procedures for the Department of the Treasury to transfer ownership of matured, unredeemed savings bonds and related records to states.
Who sponsors S 2417?
S 2417 is sponsored by Moran, Jerry (Republican), Cassidy, Bill (Republican), Blunt, Roy (Republican), Cornyn, John (Republican), Graham, Lindsey (Republican), Manchin, Joe, III (Independent), Wicker, Roger F. (Republican), Hawley, Josh (Republican), Whitehouse, Sheldon (Democratic), Murkowski, Lisa (Republican), Hoeven, John (Republican), Barrasso, John (Republican), Isakson, Johnny (Republican), Rounds, Mike (Republican), Braun, Mike (Republican), Blackburn, Marsha (Republican), Hassan, Margaret Wood (Democratic), Risch, James E. (Republican), Perdue, David (Republican), King, Angus S., Jr. (Independent), Roberts, Pat (Republican), Rubio, Marco (Republican), Hyde-Smith, Cindy (Republican), Sinema, Kyrsten (Independent), Shaheen, Jeanne (Democratic), Thune, John (Republican), Collins, Susan M. (Republican), Scott, Tim (Republican), Tillis, Thomas (Republican), Loeffler, Kelly (Republican), McSally, Martha (Republican), Brown, Sherrod (Democratic), Cramer, Kevin (Republican), Smith, Tina (Democratic), Ernst, Joni (Republican), Young, Todd (Republican), Warner, Mark R. (Democratic), and Kennedy, John (Republican).
What is the current status of S 2417?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 2417?
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