June 2024 │ Legislation & Regulation Update
The Unclaimed Property Legislative Alert
Summary of Legislation — Week Ending June 21, 2024
OKLAHOMA: Senate Bill 1534 (effective November 1, 2024). Enacted legislation requires the reporting of names and addresses of all payees, payors, and purchasers of a cashier’s check, if known. No property valued at less than $250 (increased from less than $50) is required to be included in required newspaper publications. Records of apparent owner names and addresses are available to the public during business hours beginning 12 months after they are reported to the Treasurer. Property values that trigger specific documentation requirements when claiming property of a decedent are adjusted.
Summary of Legislation — Week Ending June 14, 2024
DELAWARE: Senate Bill 266. Amended legislation provides that a whistleblower must supply information to the State Escheator and Attorney General about a holder’s failure to comply with unclaimed property reporting requirements. The information shall be exempt from public disclosure and include a written agreement by the whistleblower to maintain the confidentiality of the information, the investigation, and any resolution. The State Escheator may initiate an examination within 120 days and the Attorney General may initiate an investigation. After 120 days, unless the State Escheator waives the 120-day waiting period, the Attorney General may bring a false claims action. If a recovery for the state results from an examination or false claims action, the whistleblower will receive an award calculated according to guidelines specified. Only the Attorney General may bring a false claims action against a holder based on noncompliance in reporting unclaimed property.
RHODE ISLAND: House Bill 7976. Amended legislation establishes an alternative procedure whereby unclaimed funds held by the courts for two years may be escheated to the Treasurer. Alternatively, such funds may continue to be paid to the general fund.
RHODE ISLAND: Senate Bill 2896 (effective June 12, 2024). Enacted legislation caps locator fees at ten percent of the value of the property. Locator agreements must: (1) disclose the nature and value of the property; (2) disclose the value of the apparent owner’s share after deduction of the locator’s fee; and (3) advise the apparent owner that the property may be claimed from the Treasurer free of charge.
Summary of Legislation — Week Ending June 7, 2024
DISTRICT OF COLUMBIA: Bill 25-0784. Introduced legislation exempts unclaimed deposits for excavation work in public space from the Revised Uniform Unclaimed Property Act.
CONNECTICUT: House Bill 5523 (effective July 1, 2024). Enacted legislation requires that a locator solicitation or locator agreement entered into after January 1, 2025, shall conspicuously disclose that any person may file a claim directly with the Treasurer at no cost and the method for filing such a claim. A claim filed pursuant to a locator agreement shall include an unredacted copy of the agreement. The Treasurer may withhold payment to anyone other than an owner for failure to comply with the requirements of this section.
RHODE ISLAND: House Bill 7509 and Senate Bill 2511 (effective May 31, 2024). Enacted legislation allows a state-chartered institution of higher education that issues a gift certificate to refund any unused portion upon an individual’s separation from the institution or apply the funds to the individual’s account. If no refund or credit can be made, the funds shall be treated as abandoned after two years.
Summary of Regulations — Week Ending June 7, 2024
ILLINOIS: 74 Ill. Adm Code 760 (various sections) (written comments due July 15, 2024). Proposed regulations require the holder to notify the Administrator if it cannot liquidate virtual currency and to specify the reason. The Administrator may then direct the holder to transfer the virtual currency to a particular custodian or to hold the currency until it can be liquidated or there is an indication of owner interest. If claimed property is valued at more than $5,000 (increased from $2,000), the claimant may provide a claim form with a notarized signature or verify the claim under penalty of perjury on the Administrator’s website; however, a notarized signature may still be required as necessary. The 10-year period of limitations is tolled if the Administrator demands that the holder file a verified report or issues a notice of examination.
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.