Stay up to date with changes to unclaimed property legislation — check this page for alerts on litigation, policy, and regulation.
April 24, 2018
Kentucky Enacts RUUPA Inspired Bill - KY HB 394
On April 13, 2018, Kentucky enacted HB 394. Inspired by the Revised Uniform Unclaimed Property Act (RUUPA), HB 394 overhauls the Kentucky Unclaimed Property Law. Read More
April 12, 2018
Louisiana proposes limiting owner claims to thirty years – LA HB 851
On April 4, 2018, Louisiana proposed HB 851 which will limit the amount of time an owner has to claim their property from the state. Section 167 (Filing claim with administrator) has been updated to limit the amount f time an owner or heir can file a claim to 30 years from the date the property is paid or delivered to the administrator. Read More
April 5, 2018
Arizona Restricts Owner Claims and Recovery of Unclaimed Property - AZ SB 1097
On March 23, 2018, Arizona enacted SB 1097 which will limit the amount of time an owner has to claim their property from the state. Section 44-317 (filing a claim with department) has been updated to limit the amount of time an owner or heir can file a claim to 35 years after the end of the fiscal year in which the state received the property.Read More
March 28, 2018
California Proposes Formal VDA Program through January 1, 2024 - AB 2773
If passed, holders with past due property will be able to come into compliance without fear of penalties and interest being assessed. Companies and financial organizations will have the opportunity to conduct a thorough review of their records to determine if they are holding past due property with a last known address in California. Read More
March 20, 2018
Pennsylvania Proposes Amendments to Presumption of Abandonment Requirements for Business Associations (Securities) - SB 1058
On February 27, 2018, Pennsylvania proposed SB 1058 which would amend Section 1301.6 of the Pennsylvania Disposition of Abandoned and Unclaimed Property Law, consistent with the Policy Guidance previously issued. If passed, SB 1058 will add a dual reporting requirement for securities which includes the “lost” and no contact standards.
February 23, 2018
Illinois Proposes Amendments to the Revised Uniform Unclaimed Property Act – SB 2901
On February 14, 2018, Illinois proposed SB 2901 which would amend the recently passed Illinois Revised Uniform Unclaimed Property Act. Potential impacts of SB 2901 include increased dormancy periods and changes in policy to the statute of limitation and repose, business to business exemptions, estimation techniques, and third-party contingency auditors.
February 13, 2018
South Dakota increases state holding period for securities - SB 45
On February 8, 2018, SB 45 was enacted which increases the holding period to 180 days. While this is an improvement over the prior law, industry has advocated for a holding period of at least three years.
January 31, 2018
Tennessee proposes to revise reporting due dates - SB 1859
On January 24, 2018, Tennessee SB 1859 was introduced to amend Section 66-29-125. If passed, the report due date will move Tennessee from a spring reporting state to a fall reporting state.
January 8, 2018
Pennsylvania releases policy guidance to support a returned mail trigger for securities
Pennsylvania Treasury, Bureau of Abandoned and Unclaimed Property issued Policy Guidance to promote consistency in reporting standards for property in a security (Section 131.6(2)). The guidance also includes related property such as dividends, profit, distributions, payment or distributive share of principal held by a business association (1301.6(3)).