Dunbar actively monitors unclaimed property-related legislation to ensure that our clients and connections are aware of legislation that could impact their industry. Currently, there are four proposed changes to state unclaimed property statutes that you might want to keep on your radar.
The first is in Ohio. The proposed bill would exempt certain open and closed-loop prepaid cards from the Unclaimed Funds Law.
The second is in New Jersey. The proposed amendment and new rule attempt to differentiate between stored value cards issued by retailers, and those issued by financial institutions, and defines the proposed methodology for reporting this property type.
In Indiana, there’s a proposed bill in both the House and Senate that seeks to clarify when an auto-renewable time deposit is considered matured.
Lastly, Virginia’s proposed bill removes an exception to a provision that prohibits banks from imposing charges on inactive accounts or ceasing to pay interest on an inactive account
It is important to note that this legislation has only been proposed, and has not been signed into law. As you may be aware, the legislative process could take months or years, become stalled in committee, or be dismissed altogether.
We are providing this for informational purposes only. You or your government relations team may be interested in monitoring the legislation for future progress.
Dunbar is a full-service unclaimed property firm specializing in the location and re-engagement of lost and dormant account owners.