Keane's Unclaimed Property Blog

State Escheatment (55 articles)

Legislative Update – South Dakota Accelerates Escheatment of Banking Property

Banking, Dormancy Periods, Legislative Updates, State Escheatment

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 […]

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New Unclaimed Property Law in Northern Mariana Islands Targets Dormant Bank Accounts

Banking, Dormancy Periods, Legislative Updates, State Escheatment

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 […]

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Delaware and Illinois Clarify Intent to Enforce Activity Driven Unclaimed Property Laws

Brokerage, Compliance, Dormancy Periods, State Escheatment, Unclaimed Property Law

Unclaimed Property laws are complex and often difficult for holders to interpret. This complexity also makes the unclaimed property laws challenging to enforce. However, as states continue to closely monitor their budgets and look increasingly to unclaimed property as a source of revenue, once-previously overlooked provisions are now being enforced in an effort to increase […]

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Death Master File Searches Continue to be a Hot Button Topic

Best Practices, Compliance, Insurance, State Escheatment

Maryland recently became the third state to propose legislation similar to the NCOIL Model Unclaimed Life Insurance Benefits Act, requiring insurance companies to conduct Death Master File (DMF) searches to proactively identify deceased policy owners. Meanwhile, a US Representative has introduced a bill to Congress that would prevent the Social Security Administration (SSA) from making […]

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