By introducing the Revised Uniform Unclaimed Property Act of 2016, significant changes may be forthcoming to District of Columbia Unclaimed Property Law. While the Act itself covers specific revisions to property types and unclaimed laws, the bill’s most important aspects have been outlined below.
Introduced on January 10, 2018, Washington H 2486 seeks to adopt the Revised Uniform Unclaimed Property Act (RUUPA). The Act would significantly modify existing unclaimed property law in the state. Dormancy periods and triggers for existing and new property types are introduced, along with, new requirements for additional holder outreach and due diligence.
Legislation introduced to the US Senate would allow state attorneys general to initiate unclaimed property audits of national banks with reasonable cause. Current law does not empower attorneys general to issue subpoenas or administer oversight around examinations ensuring compliance with state unclaimed property laws.