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Legislative and Regulatory UP-date: A Fast Start for the New Legislative Season

Posted By Administration, Monday, January 21, 2013
Updated: Friday, January 25, 2013

Legislative and Regulatory UP-date – A Fast Start to the New Legislative Season

Unclaimed property professionals understand that unclaimed property compliance can be a daunting task, especially if they are required to report to multiple states and jurisdictions. With no federal preemption for unclaimed property laws and regulations, keeping up with the ever-changing legislative and regulatory landscape can consume much of their time to assure they maintain compliance.

As state legislatures have returned to session, we have seen a flurry of activity in the unclaimed property legislative and regulatory arena. To assist our members with tracking legislative, regulatory and legal changes, the Unclaimed Property Professionals Organization (UPPO) tracks bills introduced throughout the United States and Canada and reports important information to our members weekly.

There are several key areas monitored weekly:

  • Appropriations
  • Dormancy Periods
  • Due Diligence
  • Gift Cards/Gift Certificates
  • Mineral Rights
  • Penalties and Interest
  • Reporting
  • Stored Value Cards
  • Miscellaneous

During the past two weeks 25 pieces of new legislation have been tracked and reported to our members through govWATCH, a weekly briefing on legislative and regulatory matters impacting unclaimed property. Of all the activity, perhaps the most watched piece of legislation concerns Delaware’s VDA program, which is being managed through the Secretary of State’s office.

Delaware House Bill 2 was introduced in early January and was passed Thursday, January 24, 2013 by the DE General Assembly on Thursday, January 24, 2013. H.B. 2 creates additional incentives for holders of abandoned property to report such property to the state and promptly resolve such claims. The bill expands the new voluntary self-disclosure program administered by the Secretary of State and enacted by the 146th General Assembly to further incentivize participation in the program.

  • Section 1 clarifies the existing duty of the State Escheator to protect confidential information by confirming that the existing duty covers the entirety of Chapter 11.
  • Section 2 amends 1177(b)(1) to provide holders that elect into a voluntary self-disclosure prior to June 30, 2013 up to one additional year to enter into an agreement and make payment or enter into a payment plan.
  • Section 3 amends 1177(d)(2) to clarify that a holder that has previously entered into a voluntary disclosure agreement prior to June 30, 2012 may enter into the new voluntary disclosure program with respect to any related party that was not included in an earlier voluntary self-disclosure or with respect to property types and/or periods that were not included in a prior voluntary self-disclosure agreement.

Delaware’s Secretary of State Jeffrey W. Bullock will be participating in a panel discussion at UPPO’s 2013 Annual Conference in San Diego, March 24-27. In addition to Secretary Bullock, the govSPEAK panel will also include unclaimed property officials Gary Qualset of California, Larry Schilhabel of Texas and Kelly Kuracina of New York. The govSPEAK session will take place on Wednesday, March 27 from 8:00-9:30 a.m. Pacific.

UPPO’s govWATCH Program

UPPO News – Legislative and Legal sections

UPPO Members as Mentors Webinar, Jan 9. DE VDA Program (free to UPPO members)

This information is not intended as a substitute for legal advice on compliance or reporting requirements.

Tags:  Education  Members  Service Providers  UP Laws  UP101 

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