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Financial Organizations Unclaimed Property Act

Concerning modifications to the "Revised Uniform Unclaimed Property Act" related to property held by a financial organization.
2020 Regular Session
Financial Services & Commerce
State Government
Bill Summary

Section 1 of the bill defines and exempts a financial organization loyalty card from the property that is subject to the "Revised Uniform Unclaimed Property Act", which is effective on July 1, 2020. Section 2 repeals the presumption of abandonment in the act for demand, savings, or time deposits with a financial organization, and section 3 replaces it by reenacting the current law, which otherwise is effective until July 1, 2020. The continued, current law has the same 5-year period for property to be presumed abandoned but has different owner activities that rebut the presumption of abandonment. It also delays the time that a financial organization is required to deliver this property to the administrator, if a penalty or forfeiture in the payment of interest would result from the delivery of the property. Section 4 requires the administrator to record the partial last-known address, instead of the full address, for each person appearing on a holder's report provided to the administrator, and for this record to be available on the website or database maintained by the administrator, instead of through public inspection.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)




Bill Text


Sponsor Type Legislators
Prime Sponsor

Sen. K. Priola
Rep. R. Bockenfeld


Sen. B. Gardner


Sen. C. Hansen, Sen. J. Tate

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details