Posted on Friday, 16th July 2010 by Keane Unclaimed Property Team

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Recent legislative, regulatory and legal developments that occurred during the month of June 2010 in the areas of state unclaimed property law and regulation are summarized below, by state and by topic:

Unclaimed Property Reporting Laws: State By State Changes

Delaware Unclaimed Property Reporting

SB 272

Introduced 5/13/10, Passed Senate 6/22/2010, Passed House 6/29/2010.

Section 1 of the Act provides for an administrative review process at the conclusion of an unclaimed property examination. This review process may be invoked at the option of the unclaimed property holder. It will allow the holder to file a written protest, submit additional information in support of the protest and request that the Audit Manager reconsider the Department’s findings following an examination.

Section 2 of the Act creates a limited exemption from the definition of property for abandoned property purposes that arises from transactions between merchants covered by the Uniform Commercial Code where, for whatever reason, a merchant holder receives goods for which the holder was never invoiced by the seller. Read More »

Posted in: Dormancy Periods, Escheat Law, Legislative Updates, State Escheatment, Unclaimed Property Reporting | Comments (0)