October 2021 │ Legislation & Regulation Update

Compiled by:
Suzanne Darling

The Unclaimed Property Legislative Alert

Summary of Regulations — Week Ending October 22, 2021

NEW BRUNSWICK Adopted Rules UP-001 and UP-002 (effective date January 1, 2022, subject to the proclamation of the Unclaimed Property Act). Adopted rules provide a framework for the Unclaimed Property Act (“Act”) and include, for example, exemptions, dormancy periods, and actions that constitute an indication of interest in property. The rules become effective on the date the Act is proclaimed. Proclamation is currently scheduled to take place on January 1, 2022.

Summary of Legislation — Week Ending October 8, 2021

UNITED STATES S 2854 (same as HR 4085). Introduced legislation in the Senate requires the Secretary of the Treasury to recognize court orders awarding title to U.S. savings bonds to states, whether or not the bonds are in the states’ possession, to provide the states serial numbers and other ownership information about the bonds, and to process state claims for redemption of the bonds. This bill is substantially the same as legislation previously introduced in the House of Representatives.
CALIFORNIA Assembly Bill 293 (effective January 1, 2022, but provisions not operative until January 1, 2023). Enacted legislation defines the parameters for reporting unclaimed amounts in preneed funeral trusts or similar accounts to the State Controller.

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.