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LC 937

Revise the uniform unclaimed property act

2025 Regular Session

LC 937 modernizes the Uniform Unclaimed Property Act, tightening due-diligence, updating reporting thresholds, and boosting owners' access to reclaim their unclaimed property.

(LC) Draft Delivered to Requester
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WeVote Research Nonpartisan
Bill Summary · LC 937

Summary: LC 937 — Revise the Uniform Unclaimed Property Act

Note: The text of the bill is not provided here. This summary reflects the bill’s stated title, status, and typical contents of a revision to the Uniform Unclaimed Property Act, plus the documented drafting timeline. Readers should consult the final bill text when available for precise provisions.

Overview

  • Bill Number: LC 937
  • Title: Revise the Uniform Unclaimed Property Act
  • Subject: Property
  • Introduced: November 7, 2024
  • Status (as of drafting): (LC) Draft Delivered to Requester
  • Key aim: Update and revise the state’s approach to unclaimed property to align with modern practices, expand or adjust reporting and due-diligence requirements, and improve owner access to their property while streamlining administration.

What the bill is expected to address (based on the title and typical UUPA revisions)

  • Modernization of definitions related to unclaimed property, including what constitutes property that becomes unclaimed and the holders responsible for reporting it.
  • Updates to due-diligence requirements and notification procedures to owners before property is escheated to the state.
  • Refinements to reporting timelines, formats, and thresholds for different categories of property.
  • Clarifications around the types of property covered (e.g., financial accounts, payroll, wages, customer credits, refunds, gift cards, insurance benefits, securities, etc.) and possible exclusions or special cases.
  • Improvements to the process for owners to claim property once it has been transferred to the state, including the claim timeline, documentation required, and processing steps.
  • Provisions for administration, redemption, and potential investment or management of unclaimed property held by the state.
  • Transitional provisions or effective dates to implement the revised framework (e.g., phased rollouts, safe harbor periods, or regulatory alignment).

Key provisions to look for in the final text

  • Definitions: What exactly is “unclaimed property,” who qualifies as a “holder,” and who is an “owner.”
  • Holder obligations: Recordkeeping, due diligence communications, frequency of reporting, and penalties for noncompliance.
  • Owner protections: Right to claim property, acceptable forms of proof, and claim processing timelines.
  • Property categories and timelines: Dormancy periods by type of property and any updates to thresholds or categories (e.g., accounts, wages, insurance, securities, gift cards).
  • Transfer and custodianship: When and how property is escheated to the state, and how it is held or invested.
  • Reporting framework: Required reports, databases, online portals, and any harmonization with other state or federal data systems.
  • Enforcement and remedies: Oversight, enforcement mechanisms, and penalties for violations by holders.
  • Transition and effective date: How the changes apply to existing property and when the new requirements take effect.

Who would be affected

  • Property Holders: Banks, financial institutions, employers, government agencies, retailers, and any entity that may hold unclaimed property on behalf of owners.
  • Property Owners: Individuals or entities with unclaimed property who may recover assets under revised processes.
  • State Administration: State treasurer or equivalent department responsible for unclaimed property administration.

Potential impacts

  • Increased compliance obligations for holders (reporting frequency, due-diligence efforts, documentation).
  • Enhanced owner clarity and accessibility to recover unclaimed assets.
  • Possible shifts in timing or method of escheatment and property management under the state.
  • Administrative modernization, potentially including new processes or online claim portals.

Timeline and procedural status

  • Draft activity indicates an active drafting process from late 2024 into early 2025.
  • Key milestones observed:
    • 2024-11-07: Drafter Assigned
    • 2024-12-31 to 2025-01-08: Stages including Draft in Edit, Legal Review, Final Drafter Review, Draft Ready for Delivery, and Draft Delivered to Requester
  • No enactment dates are listed here; final passage would depend on legislative consideration and committee action.

Next steps for readers

  • Review the final LC 937 text when released to confirm the exact provisions and definitions.
  • Note any new or altered requirements for holders and the process for owners to file claims.
  • Monitor committee meetings and fiscal notes for impact assessments, costs, and implementation timelines.

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

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