The escheatment of banking property in South Dakota may increase as HB 1270 was signed into law by Governor Dennis Daugaard. The dormancy period for banking properties was reduced from five to three years, making South Dakota the 22nd state since 2007 to pass legislation reducing dormancy periods. To recap, the following types of unclaimed property […]
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.
Dormant bank accounts are the focus as another U.S. territory puts an unclaimed property law on its books. On February 6, 2012, the Commonwealth of the Northern Mariana Islands (CNMI) enacted a new law called the Escheat Act of 2011. The new law increases the number of U.S. unclaimed property reporting jurisdictions to 55. CNMI […]
Please be advised that on Friday, June 17, 2011, the Governor of Texas signed HB 257 into law, making changes to the dormancy period for certain banking products and utility deposits and dramatically changing the Texas unclaimed property reporting structure timeline. The following summarizes the new changes in the Texas laws: Dormancy Reductions: 1) The […]
Please be advised that on June 16, 2011, SB 136 was passed and became Nevada unclaimed property law. This bill introduces dramatically new and unique unclaimed property provisions for the state. Specifically, the bill includes a provision that reduces certain dormancy periods to two years. The dormancy change was added by a Committee amending the […]
With reporting deadlines occurring at the end of this month, we are constantly keeping abreast of issues involving unclaimed property and dormant accounts—even ones occurring outside the United States. A recent article caught our attention from CaymanNewsService titled “Law fundamentally ‘flawed’” as it raised some unclaimed property law issues that have and continue to occur […]