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Ontario Seeks More Feedback on Proposed Unclaimed Property Law

Posted By Karen Anderson, Senior Vice President, Unclaimed Property Recovery and Reporting, LLC, Sunday, June 9, 2013

In announcing budget objectives for the 2012 Ontario Budget, provincial officials indicated the Ontario government would establish a program to reunite owners with unclaimed intangible property, and for the government of Ontario to hold such property for the benefit of Ontarians unless and until the property is claimed. To this end, the Ontario Ministry of the Attorney General asked for written comments last fall on the proposed "Unclaimed Intangible Property Program.” The Ministry provided a "consultation” document including background information and questions the Ministry requested be addressed and submitted by responders no later than October 19, 2012.

Recently, the Ontario Ministry notified stakeholders that they would seek additional feedback during a series of round table meetings in Toronto, beginning with an industry specific "retail” round table on Monday, June 10. Four other meetings have been scheduled:

  1. Municipal – June 11
  2. Insurance – June 14
  3. Financial Services – (Other than Insurance) – June 17
  4. Others (Legal, Not-for-Profit, etc.) – June 18

In addition, the Ministry has indicated that it also will accept written comment submissions at this time.

The Ontario Government is using the "Unclaimed Intangible Property Act” (CUUPA) as the basis for discussion and for their potential law. This "model” law was created by the Uniform Law Commission of Canada and has some provisions, which are similar to those in state unclaimed property laws. The CUUPA, like unclaimed property laws in the United States, has defined dormancy periods for typical property types (five years for most, three years for others such as gift certificates, one year for wages) and due diligence, reporting and remitting requirements. Under the CUUPA, the reporting deadline is in the Spring (around April 30th), the due diligence minimum is "less than $100,” and the due diligence notice must be delivered at least three months but not more than six months prior to meeting the reporting deadline. It is recognized in the language of the CUUPA and in the drafters’ comments that the jurisdictional basis for the provincial laws will differ from the state laws, which derive jurisdiction from the U.S. Supreme Court decision Texas v. New Jersey.

UPPO is in contact with the appropriate officials in the Ontario Ministry of the Attorney General. Through the Government Relations and Advocacy Committee (GRAC), UPPO will not only monitor the Ministry’s progress but also will provide Ontario officials with comments regarding the development of the proposed law. UPPO members who want more information about the round table meetings and/or would like to register to attend them should contact the Ministry’s John Lee at john.a.lee@ontario.ca or 416-326-5114, or Rosemary Logan at rosemary.logan2@ontario.ca or 416-326-2515.

OTHER RESOURCES
U.S. Uniform Unclaimed Property Act
UPPO govWATCH - Legislative Monitoring


The analysis and opinions expressed herein are those of the authors and do not necessarily represent the views of the Unclaimed Property Professionals Organization or its officers, directors or members. This summary document provides background information and is not intended as a substitute for legal advice.

Tags:  Advocacy  Due Diligence  education  Members  UP Laws 

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