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News & Press: State Legislative and Regulatory News

Pennsylvania Considers Unclaimed Property Legislation

Sunday, June 3, 2018   (0 Comments)
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 In Pennsylvania, H.B. 2167 and companion bill S.B. 1058 provide that securities, such as cash dividend accounts, dividend investment plan accounts and non-dividend paying accounts, would not be reportable as unclaimed property unless first class mail to the owner has been returned as undeliverable and there has been no account activity for three years after the holder has been unable to reach the owner. UPPO supports this shift to an RPO requirement. The bills are currently moving through the Pennsylvania legislature’s committees and appear to have a strong chance of passage.  

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