July 2023 │ Legislation & Regulation Update
The Unclaimed Property Legislative Alert
Summary of Regulations — Week Ending July 28, 2023
NORTH CAROLINA: House Bill 181 (effective July 10, 2023). Enacted legislation permits holders to authorize third parties to perform due diligence and file reports but ensures that holders remain responsible for any failure to comply with associated statutory requirements.
OREGON: House Bill 2160 (effective January 1, 2024). Enacted legislation provides that securities are abandoned three years after the last indication of interest in the property, three years after owner death, or one year after notice of death if notice is received two or more years after death and the holder lacked knowledge of the death during that period of two or more years; however, this section does not apply to property held by a fiduciary. The dormancy period for wages is reduced from three years to one year. Various exemptions related to unclaimed property are added to the public records law.
Summary of Legislation — Week Ending July 7, 2023
ILLINOIS: House Bill 2224 (effective June 30, 2023). Enacted legislation makes certain estate assets of missing persons subject to the unclaimed property law. Unclaimed property reported for a unit of local government or a state agency will escheat to the State if it remains unclaimed following extensive outreach by the Administrator.
OHIO: House Bill 33 (effective 91st day after filing with Secretary of State). Enacted legislation provides that a holder is relieved from liability and held harmless: (1) to the extent of the value of the funds paid as of the time of payment; and (2) to the extent the holder acts in good faith and in compliance with the unclaimed property law. If legal proceedings are instituted against a holder who has reported property, the holder shall give notice to the Director of Commerce (“Director”) and the Director may elect whether to intervene and assume the defense. No person has a claim against the State, a holder, or a person acting on behalf of a holder for any change in value of unclaimed funds after payment by the holder to the Director or after sale of the property by the Director. A holder is not indemnified against the holder’s own acts, omissions, negligence, bad faith, or breach of duties to the owner or the Director.
Summary of Regulations — Week Ending July 7, 2023
OHIO: Ohio Admin. Code 1301:10-1-01 and 1301:10-3-04 (effective July 10, 2023). Final regulations amend the definitions of “records review period” and “examination period” and allow more flexibility in the timeline for conducting the closing review following an 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.