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UNCLAIMED PROPERTY FOCUS is a blog written by and for UPPO members, featuring diverse perspectives and insights from unclaimed property practitioners across the U.S. and Canada. We welcome your submissions to Unclaimed Property Focus. Please contact Tim Dressen via tim@uppo.org with any questions about submitting a blog post for consideration and refer to our editorial guidelines when writing your blog post. Disclaimer: Information and/or comments to this blog is not intended as a substitute for legal advice on compliance or reporting requirements.

 

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ULC Study Committee Convenes in Washington, D.C.; UPPO to Host ULC Educational Webinar

Posted By Administration, Friday, April 26, 2013

Representatives from UPPO and unclaimed property leaders from across the country joined members of a Uniform Law Commission (ULC) study committee on Wednesday, April 24 in Washington, D.C. for a stakeholders meeting to discuss possible review and revision of the Uniform Unclaimed Property Act (UUPA).

Changes to the UUPA – which was last updated in 1995 – would have a significant impact on unclaimed property holders, as well as state administrators and lawmakers. Wednesday’s meeting was designed for the ULC’s study committee to gather viewpoints from a broad assemblage of stakeholders and evaluate the input before reporting back to the ULC’s Scope and Project Committee with a recommendation.

The ULC will make its final determination about whether or not to revise the UUPA during its 2013 annual conference in July.

The preliminary feedback shared at the meeting was incredibly useful as a starting point for discussions about revising the UUPA, and nearly all participants agreed on a need for some sort of revision. So much has changed since 1995, including information resources like the Internet and digital record-keeping rendering many portions of the UPPA outdated or unclear.

Other issues discussed during the meeting included:

  • The need for more clarity and uniformity in reporting requirements.
  • The need for better and timelier outreach to reunite owners/heirs with their property earlier in the process.
  • The use and acceptance of electronic methods for owner contact and due diligence.
  • Review of the activity standard for triggering dormancy periods.
  • How advances in technology, legal decisions, competing statutes and federal regulations require a review of the current UUPA.

To help the unclaimed property community better understand and navigate any proposed UUPA changes, UPPO will be hosting a Uniform Law Commission webinar on Wednesday, May 22 at 1:00 p.m. EDT.

During the webinar, UPPO President Karen Anderson from Unclaimed Property Recovery and Reporting, LLC, UPPO Government Relations and Advocacy Committee Co-Chair Kendall Houghton with Alston & Bird LLP and UPPO First Vice President Debbie Zumoff with Keane will provide attendees with an overview of the April 24 ULC stakeholders meeting, including a listing of some of the issues presented by stakeholders as potential areas for amendments or inclusion in a revised UUPA and discuss the ULC’s potential next steps.

Multiple employees are welcome to participate with only one webinar connection, and one CPE credit is available upon completion.

Subscribe to UPPO Focus and stay informed about breaking news from the Uniform Law Commission regarding the UUPA.


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.

Tags:  Advocacy  Due Diligence  education  Members  Policy  UP Laws 

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Modernizing the Uniform Disposition of Unclaimed Property Act

Posted By Administration, Sunday, April 7, 2013
Updated: Friday, April 5, 2013

During UPPO’s 2013 Annual Conference held in San Diego, March 24-27, there was a lot of buzz about the possibility of revisions to the Uniform Disposition of Unclaimed Property Act ("the Act”). The current Act hasn’t been updated since 1995. There is little disagreement that since that time our world has changed in many ways that impact unclaimed property professionals as never imagined in 1995. To further complicate matters, many of the states have not adopted the 1995 Act and are still using modified versions of the 1981 and 1954 Acts or even homegrown unclaimed property statutes.

The Uniform Law Commission (ULC) has formed a study group to determine the feasibility of revising the 1995 Act to bring it current with today’s business environment including but not limited to new property types, financial instruments, accounting practices and technologies. The study group is holding an exploratory meeting in Washington, D.C., on April 24 to solicit input from the unclaimed property community. Key stakeholders, including UPPO, have been invited to attend the meeting to participate in the preliminary discussions.

A revision to the Act is not a task that will be done quickly or in a vacuum. If the study group recommends that the ULC move forward with revisions to the Act, the actual process may take several years to complete. UPPO’s Government Relations and Advocacy Committee (GRAC) is establishing work groups to begin the process of identifying changes that will be beneficial to its membership, considering the needs of the wide variety of industries our members represent.

At this point, one thing is for certain: UPPO pledges its support and resources to assist in the revision process. We will establish and/or join coalitions, as well as work independently, to develop position statements as deemed appropriate. We will be conducting educational and informational meetings throughout the process to assure members are informed and to be sure our membership has a voice.

The possibility of revisions to the Act is an exciting and perhaps much overdue. The apparent support from other industry groups including NAUPA, ICI, and ABA, just to name a few, bodes well for the overall collaboration of the unclaimed property community to affect changes. At this point, the key message is to stay tuned!

ADDITIONAL RESOURCES
ULC Study Committee - Unclaimed Property Act
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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.


Tags:  Advocacy  Members  News  Policy  UP Laws 

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