In this blog post, we’ve highlighted two case studies that detail real-life business applications and challenges associated with unclaimed property within the FinTech industry. These studies also provide measures and best practices that all companies can use to ensure compliance with state laws.
In recent weeks, both Arizona and Utah have introduced bills seeking to amend certain provisions of their unclaimed property laws relating to gift cards. Arizona only proposes changes to gift cards, while Utah’s provisions would also impact stored value cards and 529 College Savings Plans.
In order to understand how unclaimed property affects the FinTech industry, it is important to define what is FinTech, what types of property are common in the industry, and the impact that each property type has on FinTech companies and traditional companies leveraging FinTech products and services.