Keane's Unclaimed Property Blog

Dormancy Periods (25 articles)

An International Perspective on Using Dormant Assets to Fund Social Programs

An International Perspective on Using Dormant Assets to Fund Social Programs

Abandoned Property, Dormancy Periods, Unclaimed Property

Authored by: Alena Levitz, B.A., LL.B, LL.M, Executive Director British Columbia Unclaimed Property Society Japan launched its first unclaimed property program this year following the passage of the Dormant Deposit Utilization Act in December 2016. The program utilizes funds from dormant bank accounts that have been inactive for ten years or more to finance social […]

Read More ›

Gift Card Escheatment Laws

Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Escheat Law, Escheatment, Gift Card Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Update 2019: Are gift cards escheatable? Unfortunately, the answer is not simple as each state and territory have different unclaimed property laws regarding gift cards and the time before escheatment. These differences in state laws impact gift card breakage, the revenue companies gain through unredeemed gift cards. The Electronic Funds Transfer Act and the Consumer […]

Read More ›

Pennsylvania Dormancy Period Reductions Effective Immediately

Dormancy Periods, Legislative Updates, Unclaimed Property Law

Following the passage of House Bill 278 last week, the provisions reducing Pennsylvania’s dormancy periods for all property types became immediately effective. Pennsylvania Unclaimed Property Law Changes Pennsylvania House Bill 278 was signed into law by Governor Corbett on July 10, 2014 and provides significant changes to Pennsylvania’s unclaimed property laws. While the Treasurer’s office […]

Read More ›

West Virginia Eliminates Select Property Type Codes

Dormancy Periods, Legislative Alerts

The West Virginia State Treasury Office Unclaimed Property Division has made a few changes to their National Association of Unclaimed Property Administrators (NAUPA) approved Property Type Code Table. The following unclaimed property type codes have been eliminated: AC11 – Non-Interest Bearing Checking Accounts AC12 – Interest Bearing Checking Accounts AC13 – Non-Interest Bearing Savings Accounts […]

Read More ›

I'm looking for information on...