September 2024 │ Legislation & Regulation Update
The Unclaimed Property Legislative Alert
Summary of Legislation — Week Ending September 27, 2024
DISTRICT OF COLUMBIA: Bill 25-0784. Enacted legislation that exempts unclaimed deposits for excavation work in public space from the Revised Uniform Unclaimed Property Act.
Summary of Regulations — Week Ending September 27, 2024
ILLINOIS: 74 Ill. Adm Code 760 (various sections). Adopted regulations that 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.
Summary of Legislation — Week Ending September 6, 2024
DELAWARE: Senate Bill 266. Enacted legislation that limits the authority to bring false claims actions based upon failure to comply with unclaimed property reporting requirements to the Attorney General, in consultation with the State Escheator and Secretary of State, after a 120-day period during which the State Escheator may initiate an examination. The legislation further clarifies whistleblower provisions including compensation and confidentiality.
DELAWARE: Senate Bill 267. Enacted legislation that provides property with a last known address in a foreign jurisdiction that is reportable to, or specifically excluded from reporting in that jurisdiction, from reporting to Delaware. A holder holds presumed abandoned property in trust for the benefit of the State Escheator on behalf of the owner and shall establish trust accounts or otherwise segregate the property pending delivery to the State Escheator. The state’s indemnification of a holder is limited to the value of the property at the time it is remitted. Where the owner of presumed abandoned property is an agency of the State of Delaware, the property shall escheat to the State and not be subject to claim. The State Escheator may send or direct a person to send a due diligence notice for property items identified from an estimation, extrapolation, or statistical sampling even if the items are not reportable to Delaware.
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.