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Bill

SB 5316

Modifying provisions of the revised uniform unclaimed property act.

2025-2026 Regular Session Introduced by Paul Harris and 3 co-sponsors

Washington updates unclaimed property laws to modernize procedures for identifying, holding, and returning abandoned financial assets to rightful owners.

Effective date 7/27/2025*.
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WeVote Research Nonpartisan
Bill Summary · SB 5316

Legislative bill overview

SB 5316 modifies Washington's unclaimed property laws by updating provisions of the Revised Uniform Unclaimed Property Act. The bill aligns state law with modernized uniform standards for handling abandoned financial accounts, deposits, and other property that rightfully belongs to individuals or businesses but has been inactive for extended periods.

Why is this important

Unclaimed property legislation affects millions of dollars held in state custody annually. Updates to these laws can improve how states identify and return lost funds to rightful owners, reduce administrative burdens on businesses holding property, and clarify procedures for claiming abandoned assets. Washington residents may find it easier or harder to recover their own unclaimed funds depending on specific modifications made.

Potential points of contention

  • Notification requirements: Changes to how and when businesses must notify account holders of abandonment could shift costs between businesses and the state
  • Holding periods: Modified timelines for when property is declared "abandoned" and transferred to state custody may affect both consumers seeking recovery and business liability exposure
  • Reporting thresholds: Adjusted dollar amounts or categories triggering mandatory reporting could exempt certain accounts from state oversight or expand coverage

Compiled from official sources — confirm details with the bill’s official record.

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