Escheatment Rules By State Continue Changing At Rapid Pace

Escheatment Rules By State Continue Changing At Rapid Pace

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.

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Reporting

Arizona

AZ HB 2170

Introduced 1/13/10

Identifies the effective date of the chapters when initial reports were required to reported, as January 1, 2001.

Florida

ADC 69I-20.041

Introduced 1/22/10

Creates an unclaimed property reporting manual for use by holders of unclaimed property. The manual contains information that holders will need to properly report and remit unclaimed property to the Department.

Hawaii

HI 2532, SB 2685

Introduced 1/27/10

Requires holders of unclaimed property to remit all property with their November 1 report and deletes reference to a specific number of days in which claims must be acted upon.  Deletes references to a time frame that the state administrator has to respond to a claim. Also makes a technical correction by referencing the Unclaimed Property Trust Fund.

Idaho

HB 385

Introduced 1/18/10

Amends existing law relating to unclaimed property. Requires holders reporting ten or more properties to report in an electronic format required by the administrator; Allows the administrator a period of five years prior to turning property over to the Public School Endowment Fund; Allows the administrator discretion to sell abandoned property within three years; and to allow the administrator to waive penalties and interest in certain cases.

Due Diligence

New Jersey

42 NJR 58(a)

Introduced 1/4/10

Dormancy Fees on Money Orders and Unclaimed Property – Amends rules to require an issuer of a money order to provide to the purchaser by written notice, the fees and terms of the order, as well as a telephone number that the consumer may call for information concerning any dormancy fee.

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