March 2022 │ Legislation & Regulation Update
The Unclaimed Property Legislative Alert
Summary of Legislation — Week Ending March 25, 2022
CONNECTICUT: House Bill 5493. Introduced legislation establishes a process for redirecting funds reported for a terminated qualified candidate committee to the Citizens’ Election Fund upon request of a representative of the committee.
CALIFORNIA: Assembly Bill 2280. Amended legislation changes certain provisions of the original bill related to locator agreements. Other provisions of the bill establishing a voluntary disclosure agreement program and affecting the disclosure of records are not affected.
UTAH: Senate Bill 186 (effective 60 days after adjournment). Introduced legislation reclassifies the Unclaimed Property Trust Fund as a custodial fund and renames it the Unclaimed Property Fund.
Summary of Legislation — Week Ending March 18, 2022
LOUISIANA: House Bill 834. Introduced legislation provides that funds in a sports wagering account are presumed abandoned three years after the date of last activity by the apparent owner.
OHIO: Senate Bill 224 (as substituted). Amended legislation establishes specific procedures and requirements for reporting unclaimed preneed funeral contract funds.
Summary of Legislation — Week Ending March 11, 2022
CONNECTICUT: House Bill 5460. Introduced legislation requires that all reported property be posted on the Treasurer’s website. Aggregate reporting is eliminated.
CONNECTICUT: Senate Bill 379. Introduced legislation allows the Treasurer to waive the claim requirement for an individual owner of property valued at less than $2,500 if the individual is the sole owner and the individual’s current address is verified. In such an instance, the Treasurer may seek information concerning the individual’s address and SSN or TIN from other named state agencies. Aggregate reporting is eliminated.
DELAWARE: Senate Bill 243. Introduced legislation provides that if an individual account holder within the Baby Bond Account Fund is at least 25 years old and has been domiciled in another state for five consecutive years, the money in the account is presumed abandoned.
COLORADO: House Bill 22-1228. Amended legislation establishes criteria for determining when a preneed funeral contract is unclaimed and what amount is reportable as unclaimed property.
Summary of Regulations — Week Ending March 11, 2022
CALIFORNIA: Cal. Code Regs. Tit. 2, §§ 1200-1236 (comment deadline extended to April 25, 2022). Proposed regulations govern the activities of third-party auditors. Examples of factors that provide a reason to believe a person has failed to report unclaimed property as required are provided. Third-party auditors may be compensated on a contingency fee basis.
CALIFORNIA: Cal. Code Regs. Tit. 2, §§ 1250-1259 (comment deadline extended to April 25, 2022). Proposed regulations govern administrative reviews of audit findings and interest assessments.
CALIFORNIA: Cal. Code Regs. Tit. 2, §§ 1300-1308 (comment deadline extended to April 25, 2022). Proposed regulations govern the process for submitting claims.
Summary of Legislation — Week Ending March 4, 2022
NEW JERSEY: Assembly Bill 2442 and Senate Bill 1992. Introduced legislation requires that a portion of unclaimed electric and gas public utility deposits be paid to a statewide nonprofit organization for the purpose of assisting ratepayers with utility service termination or restoration issues.
Summary of Regulations — Week Ending March 4, 2022
NEW YORK: Part 125, Title 2 NYCRR (public comment period expires May 1, 2022). Proposed regulations define electronic contact that will prevent the abandonment of property.
VIRGINIA: 1 VAC 75-30-10 through 75-30-40; 75-30-60; 75-30-90; 75-30-110; 75-30-120 (effective March 3, 2022). Final regulations update the name of and citations to the statute governing the escheat process following a recent recodification and renaming of the law.
VIRGINIA: 1 VAC 75-40-10 through 75-40-60 (effective March 3, 2022). Final regulations update the name of and citations to the unclaimed property statute following a recent recodification and renaming of the law.
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.