June 2022 │ Legislation & Regulation Update

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Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending June 24, 2022

LOUISIANA: House Bill 834 (effective August 1, 2022). Enacted legislation establishes a three-year dormancy period for funds in a sports wagering account if there is no account activity by the owner. 

OHIO: Senate Bill 224 (effective September 13, 2022). Enacted legislation establishes procedures and requirements for reporting unclaimed preneed funeral contract funds pursuant to the Unclaimed Funds Law.

Summary of Legislation — Week Ending June 17, 2022

VIRGIN ISLANDS: Bill 34-0212. Introduced legislation requires the Administrator to maintain an online, searchable database of all reported unclaimed property.  Information about each property shall be added to the database within 30 days of payment or delivery.

Summary of Legislation — Week Ending June 10, 2022

COLORADO: House Bill 22-1228 (effective August 10, 2022). Enacted legislation establishes criteria for determining abandonment of funds held in trust for a preneed funeral contract and the amount reportable as unclaimed property.

 


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.