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UPPO Advocacy Update: December 2018

Posted By Administration, Thursday, December 13, 2018

To help members remain aware of UPPO’s advocacy activities, the Unclaimed Property Focus blog recently began including a recurring Advocacy Update when legislatures are active or significant advocacy activity has occurred. Following are recent activities and trends from UPPO’s Government Relations and Advocacy Committee (GRAC).

 

Illinois Administrative Rules

In 2017, Illinois passed legislation inspired by the Revised Uniform Unclaimed Property Act. The Illinois treasurer’s office was charged with developing administrative rules intended to clarify how the law will be carried out. Far more detailed and comprehensive than most states’ administrative rules, the proposed rules have since been published for review and comments. 

 

The proposed rules include many areas of concern, addressed by GRAC and other members of the Holders Coalition in comments submitted on Nov. 12. Among the noteworthy areas of concern for holders are issues related to treatment of tax-deferred retirement accounts, due diligence, audit practices and the state’s voluntary disclosure agreement program.

 

The treasurer’s office is expected to issue final rules early in 2019. Because state unclaimed property regulations and practices are sometimes emulated by other states, and NAUPA has shown interest in the Illinois version of the RUUPA, holders and their legal teams may benefit from reviewing the proposed rules, even if they don’t immediately apply to their companies. 

 

Washington, D.C., RUUPA Bill Comments

On Jan. 5, 2018, District of Columbia Council member Jack Evans introduced bill B22-0654, the district’s version of the Revised Uniform Unclaimed Property Act. The bill sat idle throughout much of the year until an Oct. 10, 2018, public hearing. As with many of the bills introduced nationwide in the wake of the RUUPA’s adoption by the Uniform Law Commission, the D.C. bill contains potential issues.

 

GRAC is in the process of drafting comments regarding the bill. Areas of concern include provisions related to taking of custody, derivative rights and securities. 

 

Percolating Legislation

With November’s elections behind us and state legislatures preparing to convene in January, GRAC is keeping an eye on states where RUUPA-inspired bills are likely to arise. In early 2019, such legislation may be introduced in Colorado and Nevada. 

 

Priority Issue Workgroups

In preparation for the next congressional session, the GRAC Priority Issue Workgroups continue to refine talking points and developing single-page position papers about key issues. 

 

As more and more legislatures and regulatory agencies take on issues affecting unclaimed property compliance, advocacy has become an increasingly important role for UPPO.

Please take a few minutes to complete our Government Relations and Advocacy Survey to help us build our grassroots network. Responses will give us the ability to mobilize UPPO members when we are faced with legislative and regulatory challenges and opportunities.

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