Delaware made headlines with its swift passage of S.B. 13 in February 2017. UPPO assembled a work group to thoroughly analyze the legislation and identify both practical and legal concerns with the S.B. 13 to raise to Delaware. UPPO compiled the concerns in a comment letter, submitted to Delaware on March 16, 2017, which pointed out issues UPPO believes Delaware should tackle in its administrative rules/guidance and also to consider amending in future legislative sessions.
Some of the issues UPPO raised include:
A request to produce detailed rules and procedures for conducting an examination and estimations
The one-sided nature of the "compliance reviews"
Encouraging Delaware to revert back to the RUUPA regarding an owner's ability to be made whole with their securities property after escheatment. Delaware only will make owners whole if they claim their property within 18 months of escheatment, whereas, the RUUPA gives owners six years post-escheatment to be made whole with their securities property.