On April 26, 2013, the Governor of North Dakota signed HB 1171, enacting a new law relating to unclaimed life insurance benefits. In addition to the new unclaimed life insurance law being signed into law, the enacted version of the bill amends the life insurance provisions contained within the North Dakota Unclaimed Property Act to be […]
Dormancy Periods (25 articles)
Are you interested in learning some of the key concepts of New York escheat and unclaimed property laws? Have a specific question about reporting, auditing or compliance? This page gives you key information pertaining to New York State escheat laws including reporting & compliance.
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 […]
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 […]
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 […]