Concerning modifications to the "Revised Uniform Unclaimed Property Act".
2021 Regular Session
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". Section 2 repeals the presumption of abandonment in the act that took effect on July 1, 2020, for demand, savings, or time deposits with a financial organization, and section 3 replaces it by reenacting the similar version that was in effect prior to July 1, 2020, which 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 repeals the requirement that the administrator's record of persons appearing on the holders' reports be available for inspection.Section 5 repeals the prohibition on the administrator including the home or physical address of an apparent owner when providing additional identifying information concerning the apparent owner's property in published notices and on the website. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)