SB583: Unclaimed property; reduces holding period for abandonment for banks & financial organizations.

Chief Patron

Sen. Chuck Colgan (D-29)

Chuck Colgan (D-29)
Served: 1976–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

02/04/2008: Failed to Pass in Committee

View Entire History

Summary

Uniform Disposition of Unclaimed Property Act; banks and financial organizations.  Reduces the holding period for abandonment for unclaimed property for banks and financial organizations from five years to two years for banks or organizations that deduct a charge or cease to accrue interest because of dormancy or inactivity. The measure also provides that if a holder of the property ceases imposing additional charges or retroactively credits interest on dormant or inactive property for a reason other than to correct a documented internal error, the holder is deemed to have waived its right to impose the charges or cease accruing interest and shall reverse or cancel the charges or retroactively credit interest on accounts reported to the Treasurer. The second provision is stated to be declaratory of existing law.