September 2023 │ Legislation & Regulation Update
The Unclaimed Property Legislative Alert
Summary of Legislation — Week Ending September 29, 2023
PENNSYLVANIA: House Bill 1717. Introduced legislation provides that no claim is necessary for payment of unclaimed property if the person to receive payment was reported as the sole property owner and the property value is less than $5,000.
Summary of Regulations — Week Ending September 22, 2023
FLORIDA: Rule 69G-20.0021 F.A.C. (a hearing will be held if requested by October 4, 2023). Proposed regulations amend procedures for payment and delivery of approved claims to cash property, securities property, and tangible property. Among the options for payment of cash property is payment by stored value product or account. Securities that can be liquidated will be sold as soon as practicable and claims paid as cash property. Securities that cannot be liquidated will be electronically transferred to the claimant’s securities account or registered in the claimant’s name and mailed to the claimant. Securities that cannot be sold, certificated, or electronically transferred will not be paid or delivered. Tangible property will be shipped to the claimant by common carrier, made available for pick-up by common carrier, or made available for pick-up by the claimant at the Department’s offices depending on property value and other factors.
Summary of Legislation — Week Ending September 15, 2023
MICHIGAN: Senate Bill 488. Introduced legislation provides that where a mobile home is abandoned and the title assumed by the owner of the mobile home park, any unclaimed amounts due to the owner of the abandoned mobile home shall be reported as unclaimed property in accordance with the Uniform Unclaimed Property Act.
DISTRICT OF COLUMBIA: Bill 25-0202 (Effective September 6, 2023). Enacted legislation permits the Attorney General to retain in the Attorney General Restitution Fund, rather than report as unclaimed property, excess funds from a restitution award that are not designated to named individuals.
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.