SB 2901

Abstract

Amends the Revised Uniform Unclaimed Property Act. Provides that certain property is presumed abandoned after 5 (instead of 3) years. Provides that any property due or owed by a business association to or for the benefit of another business association resulting from a transaction occurring in the normal and ordinary course of business is exempt from the Act. Provides that an action or proceeding may not be maintained by the State Treasurer ("administrator") to enforce the Act in regard to the reporting, delivery, or payment of property more than 5 years after the holder filed a non-fraudulent report with the administrator (instead of 10 after the holder specifically identified the property in a report filed with the administrator or gave express notice to the administrator of a dispute regarding the property). Deletes language providing that in the absence of a report or other express notice, the period of limitation is tolled, and that the period of limitation is also tolled by the filing of a report that is fraudulent. Provides instead that the parties may agree to extend the limitation period. Provides that the administrator may not commence an action, proceeding, or examination with respect to a duty of a holder under the Act more than 10 years after the duty arose. Provides that in the absence of certain records the administrator may use specified estimation techniques. Provides that within 60 business days of the receipt of a final examination report, a holder may request a hearing to contest the use or validity of estimation techniques. Deletes provisions concerning the administrator's authority to contract with another to conduct an examination. Provides instead that the administrator may not enter into a contract with a person to conduct an examination of a holder under which the administrator agrees to pay the person a fee based upon a percentage of the property recovered for this State. Deletes language providing that an initial report filed under the Act for property that was not required to be reported before the effective date of the Act, but that is required to be reported under the Act, must include all items of property that would have been presumed abandoned during the 5-year period preceding the effective date of the Act as if the Act had been in effect during that period. Effective immediately.