RUUPA Round Up

Keane Compliance Team

March 25, 2019

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

Five states have enacted RUUPA “inspired” legislation:

Delaware S 9, effective February 2, 2017
Utah S 175, effective May 9, 2017
Tennessee H 420, effective July 1, 2017
Illinois S 9, effective January 1, 2018
Kentucky H 394, effective July 13, 2018

Nine additional states introduced legislation
which either failed or was withdrawn:

Colorado S 240
Idaho S 1325
Maine S 266
Minnesota S 1035
Nebraska L 141
Oklahoma H 3019
Vermont H 311
Washington, DC B 654
Washington H 2486

To date, the following states have either introduced or re-introduced legislation that would significantly revise their unclaimed property laws:

SC S 524, introduced February 14, 2019
CO S 88, introduced January 23, 2019
NV S 44, introduced November 19, 2018 (in part)
WA H 1179, introduced January 16, 2019

I'm looking for information on...