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News & Press: State Legislative and Regulatory News

Ohio Issues Proposed Unclaimed Property Rule Amendments

Tuesday, November 14, 2017   (0 Comments)
Posted by: Tim Dressen
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On Nov. 9, 2017, the Ohio Department of Commerce published amendments to the state’s unclaimed property administrative rules. In part, the proposed changes would:

  • Add a specific definition of “owner-generated activity.”
  • Clarify the definition of “services rendered, in the course of business.”
  • Add one new exception to the requirement that audits be selected randomly.
  • Expand audit closing meeting specifications to include acceptable meeting methods, appeal rights discussion and provision of appeal form.
  • Include provision for voluntary disclosure prior to exam selection.

View the complete amendments here and here.

 

UPPO’s Government Relations and Advocacy Committee is thoroughly reviewing the proposed amendments for possible comment by the state’s Dec. 18 deadline. A hearing on the amendments is scheduled for Dec. 19, 2017. 


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