News & Press https://www.uppo.org/news/default.asp Thu, 4 Jun 2026 00:36:16 GMT Tue, 14 Apr 2026 12:58:00 GMT Copyright © 2026 Unclaimed Property Professionals Organization UPPO Shares Concerns About Minnesota Proposed RUUPA https://www.uppo.org/news/news.asp?id=725314 https://www.uppo.org/news/news.asp?id=725314
UPPO highlighted concerns about the draft legislation’s treatment of virtual currency. The organization opposes the proposed liquidation of virtual currency prior to escheat.

“Requiring pre-escheat liquidation of virtual currency creates an unnecessary risk of loss to owners, who would not be entitled to compensation for post-liquidation increases in the value of the virtual currency,” UPPO wrote. “Moreover, requiring pre-escheat liquidation could create unnecessary uncertainty for the State and holders despite the no-recourse language.”

UPPO urged the state to modify its virtual currency provisions in a manner similar to those recently implemented by Arizona and California, and under consideration in other state legislatures.

View UPPO’s recommendations to Minnesota.
]]> Tue, 14 Apr 2026 13:58:00 GMT Holders Coalition Comments on Georgia and Oregon Legislation https://www.uppo.org/news/news.asp?id=721558 https://www.uppo.org/news/news.asp?id=721558
View the Holders Coalition’s letter.

On Feb. 25, 2026, the Holders Coalition contacted Oregon House sponsors and Rules Committee members regarding concerns about H.B. 4075, which authorizes the Oregon State Treasurer to issue loans to rural hospital for financial stabilization, using up to 20% of the Unclaimed Property and Estates Fund.

“While we are sympathetic to the plight of rural hospitals, the HB 4075 scheme is problematic at best,” the coalition wrote. “This scheme would divert resources from the State Treasurer’s office that would erode its ability to effect the purpose of the Oregon Uniform Disposition of Unclaimed Property Act; to reunite owners with their property and is close to causing “permanent escheat” of funds that are not state capital.”

View the Holders Coalition’s comments.

]]> Thu, 5 Mar 2026 14:16:00 GMT UPPO Submits Comments to Florida and New York https://www.uppo.org/news/news.asp?id=721556 https://www.uppo.org/news/news.asp?id=721556
“We commend the state for its efforts to address the concerns that arose as a result of its adoption of House Bill 989, effective May 2, 2024,” UPPO wrote. “Nevertheless, we believe that these efforts have fallen short and will add confusion and frustration for both holders and owners of unclaimed property in Florida… To that end, we make recommendations with regard to the most concerning provisions of H.B. 1221 and S.B. 1452.”

View UPPO’s recommendations to Florida.

On March 3, 2026, UPPO submitted comments to New York’s state comptroller regarding the continuation or modification of the rule established under Title 2 New York Code of Rules and Regulations section 126.1. UPPO’s recommendations seek to:
  • Narrow the scope to only appropriate property types.
  • Change the dormancy period trigger from the date of death to date when when a death is confirmed.
  • Clarify that death does not reset dormancy, but post-death contact does.
View UPPO’s complete comments to New York.
]]> Thu, 5 Mar 2026 14:03:00 GMT UPPO Submits Amicus Brief with Michigan Supreme Court, Supporting Disney https://www.uppo.org/news/news.asp?id=717278 https://www.uppo.org/news/news.asp?id=717278
“If allowed to stand, the Court of Appeals’ decision will have the practical effect of permitting the Department to enforce purported unclaimed property liability indefinitely,” UPPO wrote. “This rule would have a significant negative impact on the business community, because it would require businesses to either maintain voluminous records forever or risk facing unfounded demands for property which is not owed (and for which they no longer have adequate records to defend themselves). This rule is not only unfair and inconsistent with statutory text but could also pose serious due process concerns in the absence of clear advance notice.”

Read UPPO’s amicus brief.
]]> Tue, 30 Dec 2025 14:02:00 GMT Washington Provides Instructions for Reporting Fraudulent Unclaimed Property https://www.uppo.org/news/news.asp?id=711401 https://www.uppo.org/news/news.asp?id=711401
Should fraudulent property be reported as unclaimed property?
Yes. Abandoned property, even if suspected of fraud, should be reported after it has met the appropriate abandonment period.

How should it be reported?
  • Do not include fraudulent property in your primary report.
  • File and submit the fraudulent property on a second Unclaimed Property Report. The second report should only contain the fraudulent property.
    • If the rightful owner entitled to the property is known, include all identifiable information about the known owner.
    • If the rightful owner entitled to the property is unknown, report it as an unknown owner.
  • All property on this report should be labeled as “potentially fraudulent" in the property description.
    Send an email to WAUCPHolders@dor.wa.gov with the following information:
    • Holder name and Federal ID number (FEIN).
    • Date report was filed and amount of report.
After the report is finalized, the property will be posted online under the name of the reported owner, if applicable. These claims will be closely reviewed. Your cooperation greatly assists us to ensure the proper owner is paid.

For additional questions, please feel free to reach out to our team at (360) 534-1502 and select option 2 or WAUCPHolders@dor.wa.gov.
]]> Wed, 1 Oct 2025 14:02:00 GMT UPPO Outlines Arkansas Administrative Rule Proposal Concerns https://www.uppo.org/news/news.asp?id=708890 https://www.uppo.org/news/news.asp?id=708890
The Auditor’s Office recommended submission of the comments as a follow-up to previous communication regarding UPPO’s concerns.

View UPPO’s comments.
]]> Thu, 28 Aug 2025 00:01:00 GMT More States Move to KAPS for Unclaimed Property Reporting https://www.uppo.org/news/news.asp?id=708566 https://www.uppo.org/news/news.asp?id=708566
  • Ohio converted in the spring.
  • California plans to make the conversion this fall. State officials sent out a notification to holders with information about the conversion timeline, which includes bringing down its website from Aug. 20 to Sept. 3. The reporting staff will not have access to the current system during the conversion dates and will only be able to answer general reporting questions. California will eliminate the USF-1 Coversheet Form and the 14F Letters as part of the transition.
  • Maryland has temporarily closed down reporting and plans to have its KAPS conversion completed by Sept. 20. With the new system holders will no longer need to have and use a Maryland holder number – this is significant and getting those holder numbers for new reporters has been difficult in the past two years and delayed reporting for some holders.
  • New York converted to KAPS this summer.
  • Oklahoma plans to convert this fall. However, the state will still require the same coversheet and notary. The coversheet can be emailed to the state rather than sent via mail.
    • ]]>     Thu, 21 Aug 2025 20:20:00 GMT     Delaware Publishes Illicit Property Reporting Guidelines https://www.uppo.org/news/news.asp?id=708549 https://www.uppo.org/news/news.asp?id=708549
    “Prior to reporting Illicit Property, holders should first contact the appropriate law enforcement agency if any potential for fraud or illegal activity is suspected and turn the property over to law enforcement, or, if appropriate, attempt to return the Illicit Property to the source,” according to the new guidelines.

    The policy includes additional criteria and details, including rules regarding owner information and certain transfers of property, a requirement to report illicit property separately, illicit property reporting procedures and consequences of noncompliance.

    View Delaware’s Illicit Property Reporting Guidelines.
    ]]>     Thu, 21 Aug 2025 17:44:00 GMT     UPPO Seeks Tax-Deferred Retirement Account Guidance from Colorado https://www.uppo.org/news/news.asp?id=708546 https://www.uppo.org/news/news.asp?id=708546
    Section 4 of Colorado H.B. 25-1224 modifies when tax-deferred retirement accounts are presumed abandoned under Colorado’s unclaimed property law. Specifically, the amendments provide that they are presumed abandoned three years after the account “becomes payable or distributable” if the owner has not accepted the distribution, corresponded in writing, or otherwise indicated an interest in the account.

    “UPPO commends Colorado for its initiative to simplify the presumption of abandonment requirements for tax-deferred retirement accounts,” UPPO wrote. “However, the language in H.B. 25-1224 introduces ambiguity and could adversely affect IRA owners.”

    View UPPO’s letter.
    ]]>     Thu, 21 Aug 2025 17:33:00 GMT     UPPO Requests Meeting about Paused Maine Legislation https://www.uppo.org/news/news.asp?id=708168 https://www.uppo.org/news/news.asp?id=708168
    “Unfortunately, H.B. 1313 would have moved Maine away from the uniform law in multiple areas, including the removal of the returned mail standard for retirement accounts, securities, and UGMA/UTMA accounts, and various other provisions,” UPPO wrote. ‘We also expressed concerns about the proposed requirement that holders liquidate virtual currency and report the proceeds to the state, rather than reporting in kind. We believe these provisions would be detrimental to the interests of Maine residents.”

    View UPPO’s letter and previous comments.
    ]]>     Fri, 15 Aug 2025 19:53:00 GMT     UPPO Comments on Ohio H.B. 96 https://www.uppo.org/news/news.asp?id=704549 https://www.uppo.org/news/news.asp?id=704549
    “H.B. 96 proposes a significant break with longstanding principles and with nearly every other state in the country, by potentially changing Ohio’s current rules (under which Ohio holds the funds until the true owner can be located) to a takings regime (under which Ohio would terminate the rights of Ohio citizens (and holders) to reclaim their properties),” UPPO wrote. “We are also concerned that the State of Ohio’s bill runs the risk of invalidating the entire unclaimed property law (Ohio Revised Code Chapter 169) because these new revisions would constitute a taking of the property of Ohio citizens without due process of law under the U.S. Constitution.”

    View UPPO’s complete comments.

    ]]>     Thu, 26 Jun 2025 16:19:00 GMT     UPPO Identifies Major Issues with Maine Legislation https://www.uppo.org/news/news.asp?id=701462 https://www.uppo.org/news/news.asp?id=701462 On May 17, 2025, UPPO submitted comments to Maine officials, alerting them to significant issues with H.B. 1313/LD 1969 and requesting that they not proceed with the proposed legislation until these issues have been thoroughly discussed.

    “HB 1313, however, would move Maine away from the uniform law in more than a dozen areas, and without the thoughtful consideration and debate that occurred before the Uniform Law Commission on these topics,” UPPO wrote. “UPPO also believes that many of the amendments are not good policy and not in the best interests of Maine residents, including provisions on securities, individual retirement accounts, other tax deferred accounts, UTMA accounts, indication of interest, statute of limitations, presuming properties to be held in trust, virtual currency, and other issues.”

    UPPO members wishing to submit their own comments should do so by Wednesday, May 21, as the legislature is currently in a special session, and the window for considering and voting on this bill is short. Address comments to the State and Local Government Committee.

    View UPPO’s comments.

    Update: On May 20, 2025, both UPPO and the Holders Coalition submitted additional comments to Maine officials. Read UPPO's comment letter. Read the Holders Coalition comment letter.  


    ]]>     Mon, 19 May 2025 18:59:00 GMT     Delaware Seeks Unclaimed Property Regulation Feedback https://www.uppo.org/news/news.asp?id=698402 https://www.uppo.org/news/news.asp?id=698402 available here. The department is conducting a periodic review of regulations promulgated by the department and its divisions and offices more than four years ago to determine which of those regulations should be modified or eliminated.

    Members of the public may access the links to all of the covered regulations for the department and its divisions and offices online at https://regulations.delaware.gov/AdminCode/.

    The Department of Finance is conducting one public hearing on the covered regulations in each county as follows:
    • New Castle: April 14, 2025, from 2 to 4 pm at the Route 9 Library, 3022 New Castle Ave, New Castle, DE 19720.
    • Sussex County: April 15, 2025, from 9:30 to 11:30 am at Division of Revenue, 20653 Dupont Blvd., Suite 2, Georgetown, DE 19947.
    • Kent County: April 15, 2025, from 2 to 4 pm at GSS Landing Square (Training Room A), 600 A South Bay Road Dover, DE 19901.

    Members of the public may provide comment on the Covered Regulations by attending one or more of the hearings in person. Members of the public may also present written comments on the covered regulations by submitting such comments by mail: Daniel Madrid (MS 13), DE Dept. of Finance, P.O. Box 8763, Wilmington, DE 19899-8763; fax: (302) 577-8982; or email: Daniel.Madrid@delaware.gov. Written comments may be submitted anonymously and must be received on or before April 15, 2025.]]>     Thu, 10 Apr 2025 18:23:00 GMT     UPPO Provides Comments on Illinois and Maryland Legislation https://www.uppo.org/news/news.asp?id=696551 https://www.uppo.org/news/news.asp?id=696551 Read UPPO’s comments.

    On March 17, 2025, UPPO also provided comments to Maryland officials regarding H.B. 761 and S.B. 665, revisions to the state’s Uniform Disposition of Abandoned Property Act. UPPO shared its concerns and recommendations regarding provisions related to individual retirement accounts, virtual currency, the lack of a provision recognizing cross-account activity by an apparent owner for securities, lack of validation prior to assuming death for life insurance and annuity property, and owner claims. Read UPPO’s comments.  ]]>     Thu, 20 Mar 2025 15:09:00 GMT     UPPO Makes Additional Washington RUUPA Revision Recommendations https://www.uppo.org/news/news.asp?id=694883 https://www.uppo.org/news/news.asp?id=694883
    While several of UPPO’s previous requests were addressed before the introduction of S.B. 5316, some key issues remain unaddressed. The latest comments address aspects of the legislation related to account charges, sale of securities, payroll cards and cryptocurrency.

    View UPPO’s comments.
    ]]>     Fri, 28 Feb 2025 01:35:00 GMT     UPPO Submits Additional Comments Regarding Washington’s Proposed Amendments https://www.uppo.org/news/news.asp?id=689010 https://www.uppo.org/news/news.asp?id=689010 submitted preliminary comments to the state of Washington regarding a proposal to cap compensation for claimant representatives at 5 percent of the value of property recovered. On Dec. 9, 2024, UPPO provided more extensive comments on additional issues with proposed amendments to Washington’s Revised Uniform Unclaimed Property Act.

    The latest comments address aspects of the legislation related to payroll cards, account linkage, gift certificates, stored value cards, retirement accounts, account charges, sale of securities, cryptocurrency and statute of limitations.

    View UPPO’s comments.
    ]]>     Wed, 11 Dec 2024 17:49:00 GMT     UPPO Comments Regarding Washington’s Proposed Claimant Rep Compensation Limit https://www.uppo.org/news/news.asp?id=682399 https://www.uppo.org/news/news.asp?id=682399
    “We believe it is likely that the 5 percent fee cap on CRs will result in significantly less unclaimed property being returned to owners as the low fee cap does not adequately compensate CRs for the time and effort required to locate, notify and assist many more owners in recovering their assets,” UPPO wrote.

    UPPO encouraged Washington to reconsider the proposed limit.

    View UPPO’s comments.]]>     Wed, 18 Sep 2024 17:47:00 GMT     California OAL Rejects Proposed Auditor Regulations https://www.uppo.org/news/news.asp?id=680187 https://www.uppo.org/news/news.asp?id=680187
    Before any regulation subject to the state’s Administrative Procedure Act (APA) may become effective, OAL reviews the regulation for compliance with the APA’s procedural requirements and the standards for administrative regulations in the state’s Government Code. To satisfy the APA standards, a regulation must be legally valid, supported by an adequate record and easy to understand.

    “The proposed regulations failed to comply with the clarity and necessity standards of the Administrative Procedure Act, as well as required APA procedures,” the OAL wrote in its decision.

    View the OAL’s detailed explanation of the reasons for its rejection of the controller’s proposed regulations.
    ]]>     Tue, 20 Aug 2024 13:35:00 GMT     Law360 Highlights UPPO Amicus Brief https://www.uppo.org/news/news.asp?id=675351 https://www.uppo.org/news/news.asp?id=675351 submission of an amicus brief to the Michigan Supreme Court, prominent legal news website Law360 published an article highlighting UPPO’s court filing.

    “An unclaimed property holder trade organization urged the Michigan Supreme Court to affirm that the state waited too long to demand that Disney and a restaurant company remit unclaimed property, arguing that third-party auditors’ lax oversight allowed examinations to languish beyond the statute of limitations,” the article said.

    View Law360’s coverage of UPPO’s amicus brief (subscription required).
    ]]>     Wed, 19 Jun 2024 15:29:00 GMT     UPPO Submits Amicus Brief in Michigan Statute of Limitations Cases https://www.uppo.org/news/news.asp?id=674648 https://www.uppo.org/news/news.asp?id=674648
    The consolidated cases hinge on whether Michigan violated its Uniform Unclaimed Property Act 10-year statute of limitations. The state argues that the statute of limitations began upon notification to the companies they were being audited, allowing them to assess the companies for reports as far back as 2003 even though the audits were not completed for several years. Dine Brands and Walt Disney Company argues that the language of the statute requiring the state to begin “an action or proceeding” does not include starting an audit so such assessments going back 10 years from the start of the audit fall outside of the statute.

    Because many states include similar language in their unclaimed property statutes, the results of this case may affect unclaimed property compliance beyond Michigan.

    Read UPPO’s amicus brief.]]>     Mon, 10 Jun 2024 16:42:00 GMT     Holders Coalition Comments on Delaware S.B. 267 https://www.uppo.org/news/news.asp?id=672996 https://www.uppo.org/news/news.asp?id=672996
    View the Holders Coalition’s letter.]]>     Tue, 21 May 2024 02:15:00 GMT     Holders Coalition Comments on Connecticut S.B. 393 https://www.uppo.org/news/news.asp?id=671166 https://www.uppo.org/news/news.asp?id=671166
    View the Holders Coalition’s letter.]]>     Sat, 27 Apr 2024 13:36:00 GMT     Idaho Provides Clarification Regarding HB 471 https://www.uppo.org/news/news.asp?id=668492 https://www.uppo.org/news/news.asp?id=668492
    The effective date of the new law is July 1, 2024, although the cut-off date for reporting in the fall is June 30, 2024 – prior to the effective date. Does Idaho expect that fall 2024 reporting will reflect the new law?
    As you note, the effective date of the new law is subsequent to the cut-off date for fall 2024 reporting. Accordingly, the new law will cover future reporting, i.e. the report due Oct. 31, 2025, and thereafter. In the interim, the Idaho State Treasurer will be updating its reporting instructions.

    A holder who voluntarily elects to follow the new law in filing the report due Oct. 31, 2024, is free to do so. Holders may find this to be useful in particular with respect to amounts $50 or less, which are currently exempt, but which will become (retroactively) reportable next year. A holder that files its report due Oct. 31, 2024, following the new law will be afforded all of the holder protections included in the new law.

    The new law does not include the $50 de minimis exemption currently found at § 14-502(2)(e). The new law does include a transitional provision that provides: “An initial report filed under this chapter for property that was not required to be reported before July 1, 2024, but that is required to be reported under this chapter must include all items of property that would have been presumed abandoned during the seven (7) year period preceding July 1, 2024, as if this chapter had been in effect during that period.” Does the state expect holders to review its records going back 7 years to determine whether the $50 exemption was applied and then report those funds in the next report?
    As you note, the new law requires that the report due Oct. 31, 2025, include property not previously subject to reporting under the “old” act, but reportable under the new law (covering previously exempt property “that would have been presumed abandoned during the seven (7) year period preceding July 1, 2024, as if this chapter had been in effect during that period”). As you further note, property with a value of $50 or less was exempt under the old law, but reportable under the new law.

    Holders do have a duty to review their records and report property covered under the new law but exempt from reporting under the prior law. While HB 471 specifies a lookback of seven (7) years, the Idaho State Treasurer notes, that in certain circumstances, the seven (7) year + dormancy period may be in conflict with the five (5) year statute of limitations for contracts under Idaho Code § 5-216. In order to avoid disputes over the constitutionality of the seven (7) year + dormancy lookback where the statute of limitations has already run, the Idaho State Treasurer is agreeable to a straight five (5) year lookback for previously unreported property, provided that Idaho Code § 5-216 is in fact applicable. In such instances, a floor date of July 1, 2019, would be applicable. The Idaho Treasurer of State notes that not all contracts are subject to a statute of limitations, including fiduciary arrangements and ongoing account relationships. A holder will need to make a determination as to whether Idaho Code § 5-216 is in fact applicable to the previously exempt property it holds.

    When in doubt as to the applicability of Idaho Code § 5-216, holders should review their records and report any previously exempt property, which became payable or distributable back to July 1, 2017, + the applicable abandonment period.]]>     Wed, 27 Mar 2024 00:01:00 GMT     UPPO Shares Concerns about Idaho RUUPA Bill https://www.uppo.org/news/news.asp?id=669358 https://www.uppo.org/news/news.asp?id=669358
  • Acceleration of dormancy triggers based on death.
  • Removal of long-standing reporting exemptions currently found in Idaho’s existing Unclaimed Property Law.
  • Virtual currency provisions that would require a reporting company to “liquidate” property prior to escheatment.
  • Shifting regulatory authority over life insurance companies related to the proposed provisions to shift from the Idaho Department of Insurance to the Idaho Treasurer’s Office, Unclaimed
  • Property Office.
  • Disposal of securities.
  • The bill’s transitional provision.
  • The bill’s effective date.
    • Read the letter.]]>     Fri, 8 Mar 2024 14:11:00 GMT     UPPO Addresses Concerns with Florida Bills https://www.uppo.org/news/news.asp?id=669357 https://www.uppo.org/news/news.asp?id=669357
    “The concerns raised by the provisions proposed in H.B. 989 and S.B. 1098 are grave and given the rapidly approaching end of the current legislative session, UPPO strongly urges that Florida’s legislature… consider tabling the unclaimed property related provisions of these bills so that we can work together on crafting better-informed provisions to improve the UPL for the benefit of owners, holders, and residents of Florida,” the letter said.

    UPPO’s comments specifically addressed the following provisions of the bills:
    • Amendment of the securities dormancy trigger that would eliminate the use of return mail as a trigger and subject many shareholdings to risk of having their property turned over to the state and sold while they are merely exercising a prudent buy-and-hold investment strategy.
    • Exclusion of certain ACH transactions, which does not take into consideration the practicalities of current banking practice.
    • Use of death as a dormancy trigger without regard to activity that may be generated by other individuals with an equitable interest in property.
    • Virtual currency provisions that require holders to “liquidate” property prior to escheatment.
    • Provisions related to estates where 50% or more of the assets of the estate are unclaimed property, which gives the state a unique status that is not consistent with its role as a custodian of the property.
    Read the letter.]]>     Thu, 22 Feb 2024 14:02:00 GMT