Keane's Unclaimed Property Blog

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.

Michigan HB 6421 – Signed into Law by the Governor – Reduces Unclaimed Property Dormancy Periods

Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Gift Card Escheatment, Legislative Alerts, Money Orders, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Michigan’s new reporting bill, HB 6421 – introduced on September 8th, was signed into law by the Governor on October 5, 2010.  The details are summarized below: General dormancy period from 5 to 3 years. Money orders from 7 years to 3 years. Any sum payable on a check, draft, or similar instrument from 5 years […]

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NJ Abandoned Property: Gift Card and Travelers Check Amendment

Abandoned Property, Abandoned Property Law, Dormancy Periods, Escheat Law, Escheatment, Gift Card Escheatment, State Escheatment, Travelers Checks, Unclaimed Property, Unclaimed Property Law

American Express as well as the New Jersey Retail Merchants Association have targeted a recent law which altered the length of time upon which the state can seize travelers check and unused gift card balances. American Express is concerned with travelers checks and the NJRMA is unhappy with the law’s implications on gift cards. New […]

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Michigan HB 6421 – Passes the Senate with Proposed
Reductions in Unclaimed Property Dormancy Period

Dormancy Periods, Gift Card Escheatment, Legislative Alerts, Legislative Updates, Money Orders, Travelers Checks, Unclaimed Property, Unclaimed Property Reporting

Michigan’s new reporting bill, HB 6421 – introduced on September 8th, passed the Senate yesterday, September 23rd, 2010 with a solid vote of 461 to 36. It has been ordered to be enrolled for the Governor’s desk. For your reading convenience, details are summarized below:

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Indiana Unclaimed Property Law Update: Dormancy Period Reduction will First Apply to Annual Reporting as of November 1, 2011

Banking, Insurance, Legislative Alerts

This post details a recent change in Indiana unclaimed property law that reduces dormancy periods & will effect reporting as of November 1, 2011. If you have specific questions or would like personalized guidance, please contact an unclaimed property consultant. On March 17th the Governor of Indiana signed HB 1083 into law, with an effective […]

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Arizona Unclaimed Property Dormancy Periods Reduced Across The Board – Travelers Checks & Money Orders Reduced The Most

Dormancy Periods, Legislative Alerts, Unclaimed Checks

This post is to advise that on 11/23/09, the Arizona Legislature passed SB 1003 reducing dormancy periods for purposes of unclaimed property reporting. The new legislation reduces dormancy periods for all property types by one year, except the dormancy period for travelers checks will be reduced from 15 to 3 years (an amendment is pending […]

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