On March 14, 2017, Michigan 3791 2015 was adopted and sets forth new unclaimed property audit standards under Michigan’s Uniform Unclaimed Property Act. State and third-party auditors contracted by Michigan must now adhere to this new set of standards & practices when conducting an audit.
Legislative Alerts (158 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 U.S. District Court of Delaware dismissed a July 2016 action brought by Office Depot contending that Delaware’s unclaimed property law was preempted by federal law, citing the trilogy of US Supreme Court cases that established the jurisdictional priority rules.
States have now begun to introduce legislation based in part off of the RUUPA in order to help shape unclaimed property law in their respective jurisdictions. To date, six states have proposed to adopt provisions from the RUUPA, with some differences, that would significantly overhaul their unclaimed property statutes.
Three State legislatures introduced new bills that will effectively change aspects of their respective unclaimed life insurance benefits acts. Life insurance carriers that operate in Texas, one of the nation’s most populous states, should be advised of the potential operational impact of this newly proposed legislation.