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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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Unclaimed Property News Roundup

Posted By Administration, Wednesday, January 16, 2019

Unclaimed property often makes news headlines beyond the frequent reports of states trying to return money to their citizens. Following is a recap of some recent stories getting news coverage from local and national media outlets. 

 

Unclaimed property: It’s not just for individuals and companies

On Dec. 19, 2018, KMBC news in Kansas City, Mo., reported that the Kansas and Missouri unclaimed property owner lists included many schools and municipalities. In addition to the news story, reporter Matt Flener tweeted that more than 900 schools in Kansas are owed more than $143,000; more than 500 Kansas cities are owed more than $195,000; and Missouri has undetermined amounts owed to more than 600 schools and more than 1,400 cities.

 

Fraudsters hit Arkansas unclaimed property coffers

On Dec. 15, 2018, several Arkansas outlets reported that the state auditor’s office paid out at least $40,000 in fraudulent unclaimed property claims. The scammers used stolen identities to claim the funds. In response to the discovery, Auditor Andrea Lea told state officials her office had enhanced its verification process.

 

It’s not easy retrieving green

On Nov. 29, 2018, NBC Connecticut reported on challenges one of its viewers had claiming $138 in unclaimed property despite following the state’s instructions. The television station’s consumer reporter intervened and successfully helped the fund owner get her money.

 

Fame, fortune and uncashed checks

A popular, recurring unclaimed property news story highlights celebrities who appear on state unclaimed property lists. One of the latest examples of this appeared in the Nashville Tennessean on Nov. 21, 2018. The newspaper discovered that Tennessee’s unclaimed property list included two checks totaling $179 owed to musician Keith Urban, a $100 manufacturers rebate owed to singer Trisha Yearwood, and $150 in telecommunications payments waiting to be claimed by hockey player Pekke Renna.

Tags:  Arkansas  fraud  Kansas  Missouri  municipalities 

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2018 Unclaimed Property Legislative Roundup

Posted By Administration with contribution by Marcella Easly, senior compliance advisor at UPCR, Thursday, July 12, 2018

Unclaimed property continues to be a popular topic for state legislatures. Although a handful of state legislatures are still in session, most have completed their work. Following is a brief summary of some of the noteworthy unclaimed property bills that became law during the 2018 session. 

 

Arizona

Effective on July 1, 2018, Arizona S.B. 1412 revises provisions concerning unclaimed property credits of electric cooperatives. Among its provisions, it allows a cooperative to use all unclaimed capital credits or fees for any lawful purpose that is consistent with the cooperative’s bylaws and authorized by the cooperative’s board of directors. Additionally, the bill exempts unclaimed capital credits and fees from the state’s Unclaimed Property Act. It also prohibits an individual, corporation, business association or other organization from diverting personal property to circumvent the unclaimed property process.

 

Effective on April 17. 2018, Arizona S.B. 1264 prohibits a gift card from being subject to a fee, except as noted. It also states that the underlying monies on a gift card may not be subject to an expiration date, though a gift card, code or device associated with a gift card may contain an expiration date if certain conditions are met.

 

Hawaii

Effective on Jan. 1, 2019, Hawaii S.B. 208 adopts the National Conference of Insurance Legislators’ Model Unclaimed Life Insurance Benefits Act, which requires life insurers to conduct database searches using the federal Social Security Administration’s death master file or similar database to determine whether an insured has died. It requires life insurers to use good faith efforts to locate any beneficiaries to a policy, contract or retained asset account.

 

Indiana

Effective on July 1, 2018, Indiana S.B. 376 provides, for purposes of the unclaimed property act, that a time deposit that is automatically renewable is considered matured upon the expiration of its initial period, unless: (1) the owner has consented to a renewal at the time of the account opening or at about the time of the renewal; and (2) the consent is in writing or is evidenced by the original account agreement or by any memorandum or other record on file with the holder of the account.

 

Kentucky

Effective on July 14, 2018, Kentucky H.B. 394 enacts the Revised Uniform Unclaimed Property Act of 2016. it also requires the State Treasurer to submit a report on the status of the abandoned property fund to the Legislative Research Commission by December 15, 2018.

 

Missouri

Effective on Aug. 28, 2018, Missouri S.B. 644 creates the crime of failure to register with the state treasurer to claim property on behalf of another person for a fee, set as a class A misdemeanor. The claim form will provide notice of the requirement to register with the treasurer if one is acting as a compensated representative for another individual entitled to unclaimed property. It also allows the treasurer to review and withhold any claim until he or she is reasonably satisfied that the claim is legitimate and that the person making the claim is aware of the nature and potential value of his or her claim.

 

Effective on Aug, 28, 2018, Missouri H.B. 1879 revises notification and abandonment requirements pertaining to consumer deposit accounts with a banking or financial organization.

 

Effective on Aug. 28, 2018, Missouri S.B. 769 provides that whenever a consumer deposit account with a banking organization or financial organization has been inactive for 12 months or more and inactivity fees apply, the organization must notify the account holder of such inactivity through first class mail postage prepaid marked “Address Correction Requested” or through electronic notice if the consumer has agreed to this. Additionally, the bank must send annual statements for such account and charge a fee up to $5 per statement.

 

Pennsylvania

Effective on Dec. 25, 2018, Pennsylvania H.B. 152 requires life insurance providers to participate in the Life Policy Locator Service adopted by NAIC.

 

South Dakota

Effective on Jan. 1, 2019, South Dakota H.B. 45 revises certain provisions regarding the sale of unclaimed property. It extends the timeframe before the state treasurer can sell abandoned stocks, bonds, and other negotiable instruments from 90 to 180 days.

 

Utah

Effective on May 8, 2018, Utah S.B. 156 defines various terms, subjects stored-value cards and payroll cards to the Revised Uniform Unclaimed Property Act, provides a time period after which a stored-value card is considered unclaimed property, exempts 529 educational savings accounts from certain provisions, and addresses the State Tax Commission's responsibilities with regard to unclaimed property.

 

Virginia

Effective on July 1, 2018, Virginia S.B. 253 and H.B. 686 clarify the criteria that must be met for a bank or other financial organization to impose charges or cease to pay interest on a dormant or inactive account that differs from those imposed on active accounts. The holder may reverse or cancel dormancy charges or retroactively credit interest upon the request of the owner if it also does so for all such property that becomes subject to certain unclaimed property reporting requirements.

 

Wisconsin

Effective on April 5, 2018, Wisconsin S.B. 274 implements the Model Unclaimed Life Insurance Benefits Act prepared by the National Conference of Insurance Legislators. Generally, the bill addresses the obligations of an insurer providing life insurance policies, annuities, or retained asset accounts with respect to identifying insureds who have died and their beneficiaries.

 

For the latest information about these and other noteworthy unclaimed property bills, visit UPPO’s govWATCH website

Tags:  Arizona  Hawaii  Indiana  Kentucky  legislation  Missouri  Pennsylvania  South Dakota  unclaimed property  Utah  Virginia  Wisconsin 

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