On May 12, 2016, New York Senate Bill 7803 was introduced into the New York state legislature. The bill proposes a dormancy period increase for many property types. Specifically, the bill increases from three to five years dormancy periods for wages, banking, and securities-related property including brokerage accounts and life insurance property.
Wisconsin recently introduced Senate Bill 799 proposing amendments to various provisions within its unclaimed property laws. Amendments to the Wisconsin unclaimed property statute include the implementation of a voluntary disclosure program (VDA Program), as well as changes to reporting requirements, dormancy periods, and penalties.
This regional escheatment seminar is an outstanding opportunity to further your education and understanding of state unclaimed property laws while having the chance to have your state-specific questions and concerns addressed by unclaimed property administrators from both Maryland and Virginia.
Effective immediately, Florida Senate Bill 966 establishes new requirements for life insurers and changes the dormancy triggers for insurance-related properties. These changes were made by amending its Unclaimed Property law. Many states have addressed the issue of unclaimed life insurance benefits within the context of the state insurance code.
Washington State is offering a one-time unclaimed property amnesty program for holders in advance of the restructuring of its penalty provisions. Qualifying holders have the opportunity to receive a waiver of penalties and interest for previous outstanding unclaimed property items so long that all past-due property is reported and remitted before the 2016 escheat report […]