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

Introduced By

Sen. Chuck Colgan (D-Manassas)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Failed


01/09/2008Prefiled and ordered printed; offered 01/09/08 080765818
01/09/2008Referred to Committee on Commerce and Labor
01/18/2008Impact statement from DPB (SB583)
02/04/2008Continued to 2009 in Commerce and Labor
12/05/2008Left in Commerce and Labor