Back

March 2021 │ Legislation & Regulation Update

author
Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending March 26, 2021

MAINE:  Legislative Document 536. Introduced legislation requires that certain restitution funds owed to crime victims who cannot be located be treated as unclaimed property.

Summary of Legislation — Week Ending March 19, 2021

LOUISIANA:  House Bill 127 (prefiled). Introduced legislation makes it a criminal violation to intentionally make a materially false statement or submit false or altered documentation on an unclaimed property claim.
NORTH CAROLINA:  House Bill 157 and Senate Bill 313. Introduced legislation defines the term “property finder” and requires licensure of such person as a private investigator.
NEBRASKA:  Legislative Bill 532 (effective three months after adjournment). Enacted legislation reduces the dormancy period for safe deposit box contents and eliminates aggregate reporting. If the total value of a holder’s reportable property for a report year is $50 or less, the reporting requirement is deferred.

Summary of Legislation — Week Ending March 12, 2021

NORTH CAROLINA:  House Bill 196 (pertinent provisions effective March 11, 2021). Enacted legislation makes permanent provisions enacted on a temporary basis in 2020 allowing payment to certain unclaimed property owners without the filing of a claim. These provisions were scheduled to expire on March 15, 2021.

Summary of Legislation — Week Ending March 5, 2021

ILLINOIS:  House Bill 725 and Senate Bill 140. Introduced legislation exempts the Treasurer from paying circuit court clerks’ fees in connection with the Revised Uniform Unclaimed Property Act (“RUUPA”) and gives the Administrator access to certain records at no cost.
ILLINOIS:  Senate Bill 2142. Introduced legislation makes numerous changes to RUUPA, including enacting a exemption for any property due from or owing to a business in the ordinary course, significantly limiting the period of limitations and enacting a statute of repose, and disallowing contingency fee contracts with third-party auditors.
NORTH CAROLINA:  House Bill 196 and Senate Bill 172. Introduced legislation makes permanent the 2020 provisions allowing payment to certain owners without the filing of a claim. These provisions were scheduled to expire on March 15, 2021.


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.