May 2022 │ Legislation & Regulation Update

author
Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Legislation — Week Ending May 27, 2022

NEW YORK: Senate Bill 9360. Proposed legislation establishes a five-year dormancy period for virtual currency.  The holder shall report the virtual currency and the Comptroller shall sell it as soon as practicable.  

OHIO: Senate Bill 224 (as amended). Amended legislation modifies originally proposed criteria for reporting unclaimed preneed funeral contract funds.

Summary of Regulations — Week Ending May 27, 2022

FLORIDA: Rule 69G-20.0021 (notice of change/amendment). Proposed rule amendments and forms are modified. 

Summary of Legislation — Week Ending May 20, 2022

CALIFORNIA: Assembly Bill 2280. Amended legislation modifies certain participation requirements and timelines of the Controller’s voluntary compliance program (“VCP”) for holders.

ILLINOIS: Senate Bill 3174 (effective May 13, 2022). Enacted legislation increases the maximum value of property the Administrator may pay or deliver to an apparent owner without the filing of a claim.  The bill also increases the value of a decedent’s property for which a claiming heir or agent is permitted to submit an affidavit of capacity to claim in lieu of a certified copy of the will.

LOUISIANA: House Bill 134 (effective August 1, 2022). Enacted legislation clarifies the restitution process following a conviction for submission of a false statement or false document in connection with an unclaimed property claim.

Summary of Regulations — Week Ending May 20, 2022

NEW YORK: Part 125, Title 2 NYCRR (effective May 18, 2022). Final regulations define electronic contact that will prevent the abandonment of property.   

Summary of Legislation — Week Ending May 13, 2022

CONNECTICUT: House Bill 5506 (effective January 1, 2023). Enacted legislation allows the Treasurer to waive the claim requirement for certain property valued at less than $2,500.  Aggregate reporting is eliminated.   

ILLINOIS: Senate Bill 62 (effective January 1, 2023). Enacted legislation provides that for an amount held on a payroll card, an indication of owner interest includes wages paid by an employer as a recurring ACH credit previously authorized by the apparent owner, with one exception.

Summary of Legislation — Week Ending May 6, 2022

CONNECTICUT: House Bill 5506. Introduced legislation requires the Treasurer to maintain a searchable list of reported property for which an apparent owner can be identified.  The Treasurer may waive the claim requirement for certain property valued at less than $2,500.   

DELAWARE: Senate Bill 281. Introduced legislation exempts property owed to non-Delaware government entities.  The State Escheator may, but is not required to, update, correct, or validate owner addresses to make the receipt of written notice more likely.  The State Escheator shall pay certain claims on a pro rata basis when the amount remitted by the holder is less than the amount reported.  


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.