June 2021 │ Legislation & Regulation Update

Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending June 25, 2021

PENNSYLVANIA:  House Bill 1534. Introduced legislation adds a grandchild to family members of a decedent eligible to claim reported property under a small estate claims procedure.
FLORIDA:  House Bill 425 (effective June 21, 2021). Enacted legislation requires the development of uniform forms to be used exclusively in locator agreements to recover or purchase property.
MAINE:  Legislative Document 536 (effective September 15, 2021). Enacted legislation requires that certain restitution funds owed to crime victims who cannot be located be treated as unclaimed property.

Summary of Legislation — Week Ending June 18, 2021

FLORIDA:  Senate Bill 1532 (effective October 1, 2021). Enacted legislation requires information sharing between the Department of Financial Services and the Department of Revenue in order to facilitate claims for the recovery of past due child and spousal support funds.
LOUISIANA:  Senate Bill 14 (effective August 1, 2021). Enacted legislation exempts certain unclaimed property owner and claimant information from disclosure under the Public Records Law.
OREGON:  Senate Bill 209 (effective January 1, 2022). Enacted legislation provides that owner interest in certain types of property may be demonstrated by electronic communication with the holder.

Summary of Legislation — Week Ending June 11, 2021

DISTRICT OF COLUMBIA:  Bill 24-0285. Introduced legislation enacts a version of the Revised Uniform Unclaimed Property Act.
OHIO:  House Bill 343. Introduced legislation requires notice to a crime victim service organization prior to payment of unclaimed restitution monies as unclaimed funds.
OHIO:  House Bill 348. Introduced legislation exempts property valued at less than $25, requires liquidation of virtual currency prior to reporting, allows information sharing by state agencies, and establishes a procedure for the payment of small estate claims.

Summary of Legislation — Week Ending June 4, 2021

NEW YORK:  Assembly Bill 7942 and Senate Bill 7153. Introduced 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.
MARYLAND:  House Bill 421 (effective July 1, 2021). Enacted legislation requires that certain abandoned property funds be distributed to the Tax Clinics for Low-Income Marylanders Fund in 2022 and 2023.
MARYLAND:  House Bill 514 and Senate Bill 413 (effective July 1, 2021). Enacted legislation increases the amount of abandoned property funds distributed annually to the Maryland Legal Services Corporation Fund.

COLORLDO:  8 CCR 1508-1 (comments due July 8, 2021; hearing by video conference July 8, 2021 at 10:00 a.m.). Proposed regulations amend and supplement existing rules following enactment of the Revised Uniform Unclaimed Property Act.

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.