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News & Press: State Legislative and Regulatory News

Recent Bills Signal Custody of Escheat Trend

Saturday, April 28, 2018   (0 Comments)
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Recent legislation in three states indicates a potential trend related to limits on property owners’ ability to claim funds that have been escheated. 

  • Hawaii S.B. 2921 specifies that claims would be invalid for funds totaling less than $250 and filed more than 10 years after the funds were deposited into the state’s unclaimed property trust fund. This is a change from the current amount of less than $100. The bill is expected to pass soon. 
  • Arizona S.B. 1097 limits unclaimed property claims to 35 years after the final day of the fiscal year in which the state receives the unclaimed property. The governor signed this bill into law on March 23, 2018.
  • Louisiana H.B. 851 limits unclaimed property claims to 30 years from the date the state receives the property. The state treasurer is reportedly opposing the bill, as he was not consulted about it. 

UPPO will continue to monitor this issue and report on developments as warranted. UPPO members can track the progress of these bills and all active unclaimed property legislation nationwide via our govWATCH service.

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