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Bill

HB 1127

Modifying provisions of the revised uniform unclaimed property act.

2025-2026 Regular Session Introduced by Natasha Hill and 3 co-sponsors

HB 1127 modifies Washington's unclaimed property law to adjust procedures for businesses managing dormant accounts and forgotten deposits awaiting owner recovery.

Referred to Rules 2 Review.
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WeVote Research Nonpartisan
Bill Summary · HB 1127

Legislative bill overview

HB 1127 modifies Washington state's unclaimed property law, which governs how businesses handle property (like dormant bank accounts, uncashed checks, and forgotten deposits) that owners cannot be located. The bill adjusts procedures, timelines, or reporting requirements related to how companies hold and eventually transfer such property to the state.

Why is this important

Unclaimed property laws affect millions of dollars held in state custody annually—funds that rightfully belong to individuals or businesses. Changes to these rules determine how quickly money gets returned to owners, how much businesses must spend trying to locate them, and how states use these funds. Washington residents may have unclaimed property waiting to be recovered.

Potential points of contention

  • Holding periods and dormancy thresholds: Changes to how long businesses must hold property before turning it over to the state could benefit either consumers (shorter wait times) or businesses (extended holding periods)
  • Reporting and notification requirements: More stringent reporting could increase compliance costs for businesses but improve consumer access; relaxed requirements do the opposite
  • State custody and usage: Questions about whether the state should use unclaimed property funds for general revenue versus holding them in trust, and what happens if owners never claim them

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

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