December 2024 │ Legislation & Regulation Update

author
Compiled by:
Amy Crane

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending December 13, 2024

SOUTH CAROLINA: House Bill 3422. Introduced legislation that requires funds in a trust account where no disbursements have been made for a period of five (5) years to be unclaimed property and must be donated to a 501(c)(3) charitable organization.

NEW YORK: Senate Bill S9410/ Assembly Bill 10219. Passed legislation that authorizes the New York Comptroller to establish an abandoned property expedited payment program beginning January 2025 for claims valued at $250 and beginning January 2026 at a value to be determined by the Comptroller.

Summary of Legislation — Week Ending December 6, 2024

CALIFORNIA: Senate Bill 22. Introduced legislation that increases the cash value of a gift certificate that is redeemable in cash from $10 or less to $25 or less.  The $25 cash value is subject to annual adjustments for inflation.  An issuer of gift certificates is required to display a notice of the right of holder to redeem a gift certificate for cash.


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.