UPPO Legislative Summary

Nevada, Texas, and North Carolina have all passed or have pending legislation that will have a significant impact on holders.

NEVADA S.B. 136 was signed by the Governor on June 16, 2011 with an effective date of June 16, 2011. It reduces from 3 years to 2 years the period after which unclaimed property is presumed to be abandoned if the holder holds more than $ 10 million in property presumed abandoned on the most recent report filed by the holder.
To read the bill, click here.

TEXAS H.B. 257 was signed by the Governor 06/17/2011. It will be effective 90 days after adjournment. Among other provisions, this bill lowers dormancy periods for money orders from 7 to 3 years.
To read the bill, click here.

NORTH CAROLINA H.B. 692 was presented to the Governor on 6/16/2011. It has not been signed yet. The primary impact is that it will require holders to report full name, last known address, social security number or taxpayer identification number, date of birth, driver's license or state identification number, and e-mail address of owners, among other stipulations.
To read the bill, click here.

Please note to read the bills you must be a UPPO member and logged in.

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.