April 2021 │ Legislation & Regulation Update

Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending April 30, 2021

NORTH CAROLINA:  House Bill 156 (effective April 27, 2021). Enacted legislation extends the time within which the Treasurer is required to sell non-securities property and increases the amount that may be paid to an owner without the filing of a claim.
OKLAHOMA:  House Bill 2226 (effective November 1, 2021). Enacted legislation provides that a locator may collect a recovery fee only from consenting heirs or assigns where the claimant is deceased and did not personally agree to the locator’s fee in writing.

TENNESSEE:  Senate Bill 611 (effective April 28, 2021). Enacted legislation amends the criteria for abandonment of a pension or retirement account. The aggregate reporting amount is reduced to $25.
WEST VIRGINIA:  Senate Bill 318 (effective July 9, 2021). Enacted legislation allows the Administrator to determine for each county whether newspaper publication of owner names and addresses is a cost effective method of promoting unclaimed property awareness. If names and addresses are not published in a county, a general public notice is required.

Summary of Legislation — Week Ending April 23, 2021

DELAWARESenate Bill 103. Introduced legislation establishes a five-year dormancy period for virtual currency and requires that it be liquidated within 90 days prior to reporting the proceeds as abandoned property.
DELAWARESenate Bill 104. Introduced legislation provides that the State Escheator has broad authority to request and review records even if the records may not identify property reportable to Delaware, and to initiate an examination for any reason. The State Escheator may send, or require that a holder send, due diligence notices as part of an examination. The expedited examination process is made permanent.
NEBRASKALegislative Bill 320. Amended legislation provides that an unclaimed mobile home rental deposit is reportable as unclaimed property after one year.
COLORADOSenate Bill 21-121 (effective April 15, 2021). Enacted legislation defines and exempts a “financial institution loyalty card” and reinstates provisions governing demand, savings, and time deposit accounts that are similar to those of the previous law (pre-RUUPA).
NORTH DAKOTASenate Bill 2048. Enacted legislation repeals the existing unclaimed property law and replaces it with a version of RUUPA.

Summary of Legislation — Week Ending April 16, 2021

MASSACHUSETTS:  House Bill 1221. Introduced legislation requires insurance companies to compare policies, annuities, and retained asset accounts to the death master file, attempt to locate beneficiaries, and report unclaimed funds to the State as unclaimed property.
MASSACHUSETTS:  House Bill 1508. Introduced legislation includes accessing a password protected account as owner activity.
MASSACHUSETTS:  House Bill 3185. Introduced legislation prohibits the use of contingency fee contracts in unclaimed property examinations.

NEVADA:  Senate Bill 71. Amended legislation includes a beneficiary presumption for life insurance and other property types where ownership vests in a beneficiary upon the death of the owner, clarifies which state may claim property in the event there are multiple addresses in the holder’s records, and clarifies the process for holder reimbursements.
WYOMING:  Senate File 102 (effective July 1, 2021). Enacted legislation provides that certain unclaimed utility cooperative refunds may be retained by the cooperative and are not reportable as unclaimed property.

Summary of Legislation — Week Ending April 9, 2021

MONTANA:  Senate Joint Resolution 23. Introduced legislation proposes a review of state public notice and publication requirements and consideration of allowing electronic publication.
MAINE:  Legislative Document 420 (effective 90 days after adjournment). Enacted legislation makes fee restrictions inapplicable to certain stored-value obligations. An automatic reinvestment of dividends or interest or automatic withdrawal of disclosed fees is not an indication of owner interest in property.
NEW MEXICO:  House Bill 98 (effective July 1, 2021). Enacted legislation eliminates the requirement for newspaper publication of owner names and addresses.

Summary of Legislation — Week Ending April 2, 2021

TEXAS:  House Bill 2996 and Senate Bill 1537. Introduced legislation requires unclaimed proceeds from a participant’s account in a state-administered retirement plan to be treated as unclaimed property but gives the Comptroller discretion to leave certain funds on deposit until claimed.

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.