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.
Banking (24 articles)
Unclaimed property compliance continues to be a growing concern for banks and credit unions. In recent years, dormancy periods have become increasingly shorter, resulting in more accounts being declared dormant and escheating to the states.
The post below, authored by Sandy Willard, Keane’s Vice President of Corporate Asset Recovery, originally appeared on the Unclaimed Property Professional’s Blog. If you’ve seen the show “Storage Wars”, you know from the tagline of the show that “when storage units are abandoned, the treasures within are put up for auction.” In the unclaimed property world, there […]
On January 21, 2014, Illinois House Bill 4242 was introduced into the Illinois Legislature. HB 4242 provides that due diligence must now be sent by certified mail. If passed, Illinois would be joining a handful of other states that require certified mailings as part of the due diligence requirements. The bill also outlines a specific […]