August 2024 │ Legislation & Regulation Update
The Unclaimed Property Legislative Alert
Summary of Legislation — Week Ending August 30, 2024
CALIFORNIA: Senate Bill 1272. Amended Senate Bill 1727, replacing its original language entirely with an environmental bill. The original legislation had aimed to increase the cash value of a gift certificate that is redeemable in cash from $10 or less to $25 or less.
Summary of Legislation — Week Ending August 16, 2024
ILLINOIS: Senate Bill 3343 (effective January 1, 2025). Enacted legislation clarifies that the state’s unclaimed property auditors and custodians contracted to hold abandoned securities or virtual currency may deduct their fees prior to remitting property to the state. The address of all types of property where ownership vests in a beneficiary upon owner death is presumed to be the deceased owner’s address if the beneficiary’s address is not known by the holder and cannot be determined. Due diligence shall be sent by certified mail for virtual currency valued at $1,000 or more. In the Administrator’s sole and absolute discretion, the holder of virtual currency that cannot be liquidated may be directed to transfer the virtual currency to a particular custodian, or to hold the virtual currency until it can be liquidated or there is an indication of owner interest.
Summary of Legislation — Week Ending August 9, 2024
NORTH CAROLINA: House Bill 1020 (effective July 10, 2024). Enacted legislation allows the Treasurer to waive due diligence, in whole or in part, for good cause shown and to prescribe the terms and conditions.
Summary of Regulations — Week Ending August 2, 2024
IOWA: Iowa Administrative Code, Chapter 9 (various sections) (written comments due July 30, 2024). Proposed regulations provide that a non-freely transferable security is not reportable but becomes reportable if the Division of Unclaimed Property (“Division”) or the holder subsequently determines that it is no longer non-freely transferable. Reporting requirements for Roth IRAs are established. A plan administrator terminating a retirement plan may report and remit unclaimed benefits contemporaneous with termination of the plan. The Treasurer may establish policies concerning the types of claim documents that must be notarized and may waive the filing of a claim as provided by statute. All information provided by a holder to the Division or its agent, other than the apparent owner’s name and last-known address, is confidential.
With The Unclaimed Property Legislative Alert Summary of Legislation and Regulation, you receive an overview of the latest information on unclaimed property legislative updates, regulatory changes, and statutory amendments across the United States and Canada. The publicly available information contained herein has been compiled by Kelmar Associates, LLC and does not constitute legal advice or analysis of any kind. The summary information is generally compiled on a weekly basis, as applicable, and is shared on Kelmar's website each month. For more information, please refer to each state unclaimed property bill.