BillTracker

Revised Uniform Unclaimed Property Act (Graves)

Repeals chapter 63.29 RCW (the uniform unclaimed property act) and establishes a revised uniform unclaimed property act.

SUMMARY OF 1ST SUBSTITUTE BILL COMPARED TO ORIGINAL BILL
The substitute bill changes the definition of domicile for business associations. The dormancy period for money orders is returned to five years. The dormancy period for payroll cards is returned to one year. The substitute restores the current laws governing the notice, reporting, and records requirements when intangible property is held by a local government. The exemption from public disclosure for the DOR's records related to the administration of the Uniform Unclaimed Property Act is removed. Internal cross-references are corrected. The references to DOR as the department instead of administrator are corrected.

EFFECT OF CHANGES MADE BY 2ND SUBSTITUTE (Appropriations)
Clarifies that the current process is retained regarding how funds are deposited, expended, and transferred in the General Fund-State account and the Unclaimed Personal Property Account. The underlying bill likely requires a General Fund-State appropriation for administrative costs and duly allowed claims in certain circumstances, rather than the current approach of addressing these through the non-appropriated Unclaimed Personal Property Account.

Makes the minimum balance requirement in the Unclaimed Personal Property Account $750,000, which is current practice (rather than $250,000 in current law).

Hearing Date: Monday, February 05, 2018 -- 1:30 pm

WA State Legislature Link:
http://app.leg.wa.gov/billsummary?BillNumber=2486&Year=2018    (opens a new browser tab)