Financial Organizations Unclaimed Property Act

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.)