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UPPO Advocacy Update: January 2019

Posted By Administration, Thursday, January 31, 2019

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).

 

More States Consider RUUPA-Inspired Legislation

With state legislatures back in session, it’s not surprise new RUUPA-inspired bills have begun moving. 

 

In Colorado, S.B. 88 would significantly revise the state’s unclaimed property statutes, including shortening of some dormancy periods and changes due diligence and reporting requirements. The bill has been assigned to the Business, Labor & Technology Committee for review. 

 

Likewise, Washington H.B. 1179 would update the state’s unclaimed property statutes, including provisions covering presumptions of abandonment, reporting requirements and due diligence requirements. The bill is scheduled for a Finance Committee hearing on Jan. 31.

 

A Noteworthy Trend

Two bills – North Dakota H.B. 1187 and Oregon S.B. 454 – would move administration of their states’ unclaimed property functions from the land commissioner and Department of State Lands, respectively, to the state treasurer. It’s not known whether this legislation was promoted by the National Association of State Treasurers, but the simultaneous consideration of two bills with essentially the same goal seems noteworthy.    

 

Priority Issue Workgroups

In preparation for the new congressional session, the GRAC Priority Issue Workgroups are finalizing talking points and single-page position papers about key issues. These materials will be used to help consistently demonstrate support or opposition of state legislation that is likely to affect unclaimed property compliance. 

 

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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