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.
By introducing the Revised Uniform Unclaimed Property Act of 2016, significant changes may be forthcoming to District of Columbia Unclaimed Property Law. While the Act itself covers specific revisions to property types and unclaimed laws, the bill’s most important aspects have been outlined below.