Unclaimed property; deposits and funds with financial institutions, charges and interest. (SB253)

Introduced By

Sen. Roz Dance (D-Petersburg) with support from co-patron Sen. Ben Chafin (R-Lebanon)

Progress

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

Description

Unclaimed property; deposits with financial institutions; charges and interest. Clarifies the criteria that must be met for a bank or other financial organization to impose charges or cease to pay interest on a dormant or inactive account that differ from those imposed on active accounts. The holder may reverse or cancel dormancy charges or retroactively credit interest upon the request of the owner if it also does so for all such property that becomes subject to certain statutory reporting requirements regarding unclaimed property. If the holder elects not to reverse or cancel dormancy charges or retroactively credit interest with respect to any such property, then it is not required to reverse or cancel dormancy charges or retroactively credit interest for property that becomes subject to the reporting requirements regarding unclaimed property. A holder may also reverse or cancel dormancy charges or retroactively credit interest with respect to any or all such property to correct a documented internal error without becoming required to reverse or cancel dormancy charges or retroactively credit interest for all such property that becomes subject to unclaimed property reporting requirements. An enactment states that the measure is declarative of existing law. This bill is identical to HB 686. Amends § 55-210.3:01, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/05/2018Prefiled and ordered printed; offered 01/10/18 18102238D
01/05/2018Referred to Committee for Courts of Justice
01/15/2018Rereferred from Courts of Justice (15-Y 0-N) (see vote tally)
01/15/2018Rereferred to Commerce and Labor
01/26/2018Impact statement from DPB (SB253)
02/07/2018Reported from Commerce and Labor with substitute (9-Y 0-N) (see vote tally)
02/07/2018Committee substitute printed 18105490D-S1
02/09/2018Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/12/2018Read second time
02/12/2018Reading of substitute waived
02/12/2018Committee substitute agreed to 18105490D-S1
02/12/2018Engrossed by Senate - committee substitute SB253S1
02/12/2018Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/12/2018Passed Senate (40-Y 0-N) (see vote tally)
02/15/2018Placed on Calendar
02/15/2018Read first time
02/15/2018Referred to Committee on Commerce and Labor
02/20/2018Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
02/20/2018Committee substitute printed 18107253D-H1
02/22/2018Read second time
02/23/2018Read third time
02/23/2018Committee substitute agreed to 18107253D-H1
02/23/2018Engrossed by House - committee substitute SB253H1
02/23/2018Passed House with substitute BLOCK VOTE (98-Y 0-N)
02/23/2018VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
02/27/2018House substitute agreed to by Senate (40-Y 0-N) (see vote tally)
02/27/2018Title replaced 18107253D-H1
02/28/2018Impact statement from DPB (SB253H1)
03/01/2018Enrolled
03/01/2018Bill text as passed Senate and House (SB253ER)
03/01/2018Impact statement from DPB (SB253ER)
03/01/2018Signed by Speaker
03/03/2018Signed by President
03/06/2018Enrolled Bill Communicated to Governor on March 6, 2018
03/06/2018G Governor's Action Deadline Midnight, April 9, 2018
03/19/2018G Approved by Governor-Chapter 359 (effective 7/1/18)
03/19/2018G Acts of Assembly Chapter text (CHAP0359)