Posted on Wednesday, 23rd June 2010 by The Keane Organization

Welcome back! If you haven't already, we invite you to sign up for our premium quarterly newsletter, Keanotes. It's free and contains feature articles by our consultants plus detailed legislative updates that you won't find anywhere else. Click here to sign-up. Thanks for visiting again!

This post details a recent change in Indiana unclaimed property law that reduces dormancy periods & will effect reporting as of November 1, 2011. If you have specific questions or would like personalized guidance, please contact an unclaimed property consultant.

On March 17th the Governor of Indiana signed HB 1083 into law, with an effective date of July 1, 2010. The following dormancy periods were reduced from five years to three years: (1) A demand, savings, or matured time deposit. (2) Property payable as a result of a demutualization, rehabilitation, or related reorganization of a mutual insurance company. (3) All other property not otherwise specified under the act (catch-all provision). Read More »

Posted in Dormancy Periods, Escheat Law, Legislative Alerts, State Escheatment, Uncategorized, Unclaimed Property Law | Comments (0)

Posted on Tuesday, 25th May 2010 by The Keane Organization

This is to advise that on May 14, 2010, the Delaware General Assembly introduced legislation that proposes significant changes to the administration and enforcement of Delaware’s unclaimed property statute.

Specifically, this Act improves the administration of the Delaware Abandoned and Unclaimed Property Statute by providing holders with additional clarity and certainty regarding the enforcement of the Delaware abandoned property statute. Read More »

Posted in Abandoned Property Law, Legislative Alerts, State Escheatment, Unclaimed Property Compliance, Unclaimed Property Law | Comments (0)

Posted on Monday, 26th April 2010 by The Keane Organization

Following Arizona unclaimed property law? Some late-breaking news for you:

On April 20, 2010, the Governor of Arizona signed HB 2453 into law.

This bill reverts the dormancy period for Arizona security and bond property back to a 3 year dormancy, up from 2 years.

The legislation reverses the recently enacted Senate Bill 1003 which reduced the dormancy period for most property types by one year.

SB1003 was a budget reconciliation bill enacted in a last ditch effort to get the delayed Arizona budget passed.  Beyond the revenue the reduced dormancy periods would bring to the State, it appears that not much time was spent evaluating the other consequences of the bill. Read More »

Posted in Escheat Law, Legislative Alerts, State Escheatment | Comments (0)

Posted on Tuesday, 2nd February 2010 by The Keane Organization

Escheatment rules by state, and unclaimed property reporting and compliance in general, are constantly changing, as you have probably noticed.

The initial thought is that change complicates matters further, and usually it does. But some states, like Idaho, are giving unclaimed property holders what they need – relief from all the rules.

Still, many states continue proposing and passing legislation that make escheat compliance more difficult on unclaimed property holders.

We have included some January updates to escheatment rules by state below. This list is not exhaustive, but it does contain some important developments.

To receive all legislative updates, sign-up for Keanotes, our premium unclaimed property newsletter. Read More »

Posted in Abandoned Property Law, Legislative Alerts, State Escheatment | Comments (0)

Posted on Thursday, 3rd December 2009 by The Keane Organization

This post is to advise that on 11/23/09, the Arizona Legislature passed SB 1003 reducing dormancy periods for purposes of unclaimed property reporting.

The new legislation reduces dormancy periods for all property types by one year, except the dormancy period for travelers checks will be reduced from 15 to 3 years (an amendment is pending to revert back to 15) and the dormancy period for money orders is to be reduced from 7 to 3 years. Read More »

Posted in Dormancy Periods, Legislative Alerts, Unclaimed Checks, Unclaimed Money Orders | Comments (0)