Utah Governor Gary Herbert signed Utah S.B. 175 into law on Friday, March 24. With the passage of S.B. 175, Utah has become the second state to enact a RUUPA-inspired overhaul of its unclaimed property program.
During its review in the legislature, the bill underwent transformation to track RUUPA more closely after receiving push back for industry stakeholders. In particular the provisions related to securities and life insurance were altered due to two-way dialogue between stakeholders and Utah legislators. UPPO submitted comments throughout the process, first regarding our concern with the securities provisions, and then encouraging Utah to alter the bill's language to track RUUPA more closely in regards to audit provisions and administrative appeals process.
The Utah Treasurer has flagged issues that are in need of further consideration, UPPO encouraged the Treasurer to add estimations and administrative appeals to the list of issues needing further exploration.