Keane's Unclaimed Property Blog

State Escheatment (55 articles)

Kentucky Passes HB 135 – Details Beneficiary Search Requirements

Insurance, State Escheatment, Unclaimed Property Law

Kentucky recently outlined the requirements for beneficiary search and mandated the use of the Death Master file for verifying decedents with the passing of HB 135 on April 11, 2012. With the signing of this legislation, Kentucky becomes the first state to enact a law modeled after the Unclaimed Life Insurance Benefits Act proposed by […]

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Arizona Unclaimed Property Update: Changes to Certificates of Deposit

Banking, Dormancy Periods, State Escheatment

Arizona State Legislature recently made changes to their Unclaimed Property laws as HB 2023 was passed on April 10, 2012.  This new law adds language clarifying that a certificate of deposit cannot be presumed abandoned until after the initial maturity of the CD. Presently, Arizona unclaimed property law states that “a demand, savings or time […]

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California Updates Process for Reporting and Remitting Securities

Best Practices, Brokerage, Compliance, State Escheatment

With the June Remit Report due date looming in June, the California State Controller has updated the Unclaimed Property Holder Handbook with instructions for properly reporting securities in California. A summary statement that outlines all changes made in the reporting process was just posted on the State Controller’s Office website. The primary changes and highlights […]

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Another Gift Card Provider Leaving New Jersey

Compliance, Gift Card Escheatment, State Escheatment

Following the lead of American Express earlier this week, InComm has announced that they will be removing their gift cards from convenience stores, pharmacies, grocery stores, and additional retail outlets across New Jersey. Effective June 30th, InComm’s Vanilla Visa® Gift Card and Vanilla MasterCard® Gift Cards will be pulled from New Jersey shelves. InComm’s decision, […]

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Latest Events in New Jersey Gift Card Act Saga – American Express Pulling Out

Compliance, Gift Card Escheatment, State Escheatment

It’s been a busy couple of weeks in the ongoing saga of the New Jersey Gift Card Act, as the State Assembly recently passed legislation that would reverse the modifications made to the Unclaimed Property laws included as part of the June 2010 budget, specifically the escheatment of gift cards. New Jersey unclaimed property laws currently require that unused […]

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