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 […]
Banking (25 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.
Discussions on unclaimed property in France are starting to take shape, as French banks and insurance companies are being criticized by the country’s auditor for failing to report billions of euros in unclaimed life insurance policies and dormant bank accounts. According to a Cour des Comptes report, unclaimed life insurance policies total over 2.7 billion […]
The New York State Comptroller’s Office recently distributed an unclaimed property reporting notice to banking institutions reminding holders that any unclaimed funds designated as abandoned property held by banking institutions as of June 30, 2013 will be reportable to New York’s Office of Unclaimed Funds on or before November 10, 2013. The Notice also included […]
The Alabama unclaimed property reporting process will be slightly different this coming fall, as HB 112 was signed into law on April 18, 2013. This bill addresses several unclaimed property issues, including the filing of unclaimed property reports, due diligence, and banking property. Highlights of the bill are as follows: Alabama Unclaimed Property Reporting Changes […]
Dormancy periods for safe deposit boxes will be reduced in Indiana with the passage of SB 222. On April 12, 2013, Indiana passed this bill, which reduces the dormancy period for tangible property removed from safe deposit boxes and liquidated, from five (5) years to three (3) years. The bill also clarifies that tangible property […]