The introduction of the 2016 Revised Uniform Unclaimed Property Act (RUUPA) by the Uniform Law Commission has prompted state legislatures to review their often antiquated unclaimed property laws, and in many cases introduce legislation to amend or wholly revise these laws. In addition to RUUPA, state legislators may now also refer to the American Bar […]
Legislative Alerts (186 articles)
Here you can find updates on unclaimed property laws, rules, and regulations. Unclaimed property legislation varies from state to state, and is different depending on the type of property. Check back frequently for legislative alerts and breaking unclaimed property news as it happens.
The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020. Under Section 2203 of the Act, required minimum distributions (RMDs) from IRAs (including inherited IRAs) and certain other retirement plans are waived for 2020. In addition to the waiver in 2020 of newly occurring RMDs, this […]
According to state estimates, only 10-12% of companies nationwide are in compliance with state unclaimed property provisions. In an effort to increase voluntary compliance rates, states are increasingly reaching out to companies that they believe may have potential unclaimed property exposure to seek an understanding of their potential exposures and invite them to come into […]
Eton Corporation and Fruit of the Loom (along with related entities) are the latest companies to have filed suit against Delaware in federal court, alleging that the state violated their constitution rights in connection with the state’s estimation methodology used in unclaimed property audits by its contingency fee auditors. These back-to-back lawsuits filed on December […]
On December 9, 2019, AT&T filed a lawsuit against the state in Delaware federal court, AT&T v. Geisenberger, alleging that certain document requests issued by Kelmar, acting as the state’s third party contingent fee auditor, made in connection with an unclaimed property audit that began in 2012, violate the company’s Fourth, Fifth and Fourteenth Amendment […]