July 2021 │ Legislation & Regulation Update

Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending July 23, 2021

UNITED STATES:  HR 4085. Introduced legislation requires the Secretary of the Treasury to recognize court orders awarding title to U.S. savings bonds to states, whether or not the bonds are in the states’ possession, to provide the states serial numbers and other ownership information about the bonds, and to process state claims for redemption of the bonds
CALIFORNIA Senate Bill 308 (effective January 1, 2022). Enacted legislation requires that holders make payments to the Controller by electronic funds transfer if the amount is $2,000 or more

Summary of Regulations — Week Ending July 16, 2021

OREGON:  OAR Chapter 141, divisions 140 and 145 (effective July 1, 2021). Adopted rules revise and reorganize existing rules to complete the transfer of the unclaimed property program to the State Treasurer effective July 1, 2021.  Changes include: claims and non-original supporting documents may be filed online, a Voluntary Disclosure Program is established, and up to 10% of the value of a claim of $100 or more may be deducted for the costs of locating the owners.

Summary of Legislation — Week Ending July 9, 2021

OREGON:  House Bill 2158 (effective July 1, 2021). Enacted legislation establishes procedures for the necessary transfer of funds as the Treasurer assumes responsibility for administering the unclaimed property program on July 1.

RHODE ISLAND:  House Bill 5759 and Senate Bill 407 (effective July 1, 2021). Enacted legislation provides that surplus funds from the sale of a watercraft to satisfy a storage lien are reportable as unclaimed property.

Summary of Legislation — Week Ending July 2, 2021

MICHIGAN:  House Bill 5118. Introduced legislation reduces the dormancy period for money held for a prepaid funeral or cemetery contract.

DELAWARE:  Senate Bill 103 (effective August 1, 2021). Enacted 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.

DELAWARE:  Senate Bill 104 (some sections effective August 1, 2021; other sections apply retroactively to claims, examinations, or litigation pending on August 1, 2021). Enacted 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.

LOUISIANA:  House Bill 127 (effective August 1, 2021). Enacted legislation makes it a criminal violation to intentionally make a materially false statement or submit false or altered documentation on an unclaimed property claim.

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.