Summary — HB 25‑1224: Revised Uniform Unclaimed Property Act Modifications
Status: Governor Signed (2025-06-04)
Introduced: February 11, 2025
Classification: Bill
Purpose and intent
HB 25‑1224 is titled “Revised Uniform Unclaimed Property Act Modifications.” Its stated purpose (by title and by legislative context) is to update the state’s unclaimed property law to conform to a revised uniform model and to modernize procedures for reporting, custody, and return of unclaimed property. Unclaimed property laws generally govern intangible property (bank accounts, checks, securities, uncashed payroll, refunds, gift card balances, life insurance proceeds, etc.) that has had no owner contact for a statutory dormancy period and is turned over (“escheated”) to the state.
Note: The full bill text was not provided. The summary below describes the bill’s likely scope and impacts based on the title and common elements of Revised Uniform Unclaimed Property Act reforms. For precise statutory language, consult the official enrolled bill.
Key areas likely addressed by the bill
- Modernization and conformity: Aligns state statutes with the revised uniform model to reduce conflicts between jurisdictions and incorporate best practices.
- Definitions and scope: Updates definitions (e.g., “holder,” “owner,” “property”) and clarifies what kinds of intangible property are reportable.
- Reporting requirements: Modifies reporting formats, thresholds, and deadlines; likely expands or clarifies mandatory electronic reporting and supporting documentation.
- Due diligence and notice: Revises holder obligations to locate owners (due diligence) prior to remitting property and clarifies acceptable notice methods.
- Dormancy periods and exemptions: Adjusts dormancy timelines or clarifies which property types have different dormancy periods or are exempt.
- Claims and reclamation process: Streamlines owner claim procedures, verification standards, and timelines for refunding property to rightful owners.
- Holder protections and penalties: Establishes or revises safe-harbor provisions for holders who comply in good faith, and updates penalties, interest, and audit procedures for noncompliance.
- Administrative authority: Clarifies powers and responsibilities of the state unclaimed property administrator, including recordkeeping and reporting to the Treasurer or State Controller.
Who is affected
- Businesses and institutions that hold customer funds or intangible property (banks, insurers, utility companies, retailers, mutual funds, payroll processors, issuing entities).
- State unclaimed property office/administrator (implementation and enforcement workloads).
- Consumers and owners of intangible property (streamlined claim processes may improve recovery).
- Third-party reporting agents and auditors who assist holders with compliance.
Legislative timeline and procedural notes
- Introduced in House: 2025-02-11 (assigned to Finance)
- Passed House (third reading): 2025-03-20
- Considered and amended in Senate Finance Committee: early April 2025
- Final legislative actions: House concurred with Senate amendments and repassed (04-11-2025)
- Sent to Governor: 2025-04-30
- Governor signed into law: 2025-06-04
Implementation and next steps
- Effective date: Not provided in the summary materials. The bill may specify an effective date (upon signature, a delayed effective date, or staged implementation); consult the enrolled bill for exact timing and any transitional provisions.
- Compliance: Holders and reporting agents should review the enrolled statutory language and update compliance processes (reporting systems, due‑diligence procedures, notice templates, and claim handling).
- Owners: Consumers should check the state’s unclaimed property database and file claims as directed by the state administrator.
Sponsors
Primary sponsors: Marc Snyder; Matt Soper; Brianna Titone
Cosponsors include: J. Joseph, C. Kipp, J. Bacon, J. McCluskie, N. Ricks, W. Lindstedt, B. Marshall
For the exact statutory amendments, duties, thresholds, deadlines, and any fiscal impacts, review the enrolled bill text and the fiscal/legal analysis prepared by legislative staff or the state unclaimed property office.
