August 2021 │ Legislation & Regulation Update

Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending August 27, 2021

DISTRICT OF COLUMBIA:  B24-0373 (enacted on emergency basis as of August 23, 2021, with expiration date of November 21, 2021; unclaimed property and DMF provisions applicable as of October 1, 2021). Enacted legislation enacts a version of the Revised Uniform Unclaimed Property Act (RUUPA) as part of a larger budget bill. This legislation was enacted on an emergency basis and will expire November 21, 2021. The RUUPA provisions are applicable on October 1, 2021. An identical, non-emergency (permanent) bill to replace this emergency legislation is pending final approval by Congress.

Summary of Legislation — Week Ending August 13, 2021

CALIFORNIAAssembly Bill 466 (effective January 1, 2022). Enacted legislation authorizes the Franchise Tax Board to provide to the Controller certain information about the past unclaimed property filings of holders.
ILLINOIS Senate Bill 338 (effective August 6, 2021). Enacted legislation requires the liquidation of virtual currency prior to reporting, applies provisions for abandonment of tax-deferred retirement accounts to tax-exempt retirement accounts, and allows for information sharing with additional state agencies.

Summary of Legislation — Week Ending August 6, 2021

NEW YORK Assembly Bill 7942 (effective July 30, 2021, with funds deposited prior to the effective date to be delivered to the Comptroller no later than April 1, 2022). Enacted legislation provides that spousal and child support funds paid to a support collection unit are payable to the State Comptroller and deemed abandoned property when the person entitled to the funds cannot be located after two years of diligent efforts, or earlier if the person is deceased and no estate for the person can be located, or the estate does not claim the funds.

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.