The introduction of the 2016 Revised Uniform Unclaimed Property Act (RUUPA) by the Uniform Law Commission has prompted state legislatures to review their often antiquated unclaimed property laws, and in many cases introduce legislation to amend or wholly revise these laws.
In addition to RUUPA, state legislators may now also refer to the American Bar Association’s Model Act, finalized in early 2018, and to the language released by the National Association of Unclaimed Property Administrators when considering an amendment or wholescale revision to their unclaimed property laws. As such, we expect a busy legislative session this year, with even more additional RUUPA-inspired activity.
Revised Uniform Unclaimed Property Act (RUUPA) Inspired Legislation by State
Eight states have enacted RUUPA “inspired” legislation:
Maine S 481/LD 1544, effective October 1, 2019
Nevada S 44, effective July 1, 2019 (RUUPA in part)
Colorado S 240, effective July 1, 2019
Kentucky H 394, effective July 13, 2018
Illinois S 9, effective January 1, 2018
Tennessee H 420, effective July 1, 2017
Utah S 175, effective May 9, 2017
Delaware S 9, effective February 2, 2017
To date, the following states have either introduced or re-introduced legislation that would significantly revise their unclaimed property laws:
VT H 550, introduced April 24, 2019
DC B 225, introduced March 7, 2019
MN H 2208, introduced March 7, 2019
MN H 2538, introduced March 14, 2019
SC S 524, introduced February 14, 2019
WA H 1179, introduced January 16, 2019
Full information on these and other legislative alerts are available on the Keane Compliance Portal.