Key Changes and Highlights

Statute of Limitations Modifications

  • The section that states the State Treasurer may not commence an enforcement action against a holder more than seven years after the holder files the relevant report did not change, however new tolling provisions were added.
  • The new tolling provisions pause the statute of limitations when:
    • The Treasurer notifies a holder that it is subject to an examination; or
    • The holder elects to enter into a voluntary disclosure agreement (VDA).
  • Tolling ends upon completion of the examination, the filing of the VDA report or the termination of the VDA by the State Treasurer, whichever occurs first.

Restructuring of Unclaimed Property Funds

LB 1075 revises how unclaimed property proceeds are deposited and managed:

  • Unclaimed Property Trust Fund
    • Continues to receive most unclaimed property receipts and pay owner claims and administrative expenses.
    • Transfers to other state funds are authorized at the Legislature’s direction. 
  • New Unclaimed Property Liquidation Proceeds Trust Fund
    • Created to hold proceeds from the sale of abandoned property.
    • Funds may be used only to pay claims related to sold property.
    • Any remaining balance, once no longer needed for claims, must be transferred to the Unclaimed Property Trust Fund. 
  • Unclaimed Property Cash Fund
    • Created to hold deducted administrative costs.
    • Invested pursuant to Nebraska investment acts, with transfers to the General Fund permitted at the Legislature’s direction.

Effective Date: April 15, 2026, immediately upon Governor’s signature.