Bill > SB5531

This bill makes significant changes to Washington's unclaimed property law. Key provisions include: This bill establishes the "revised uniform unclaimed property act" and updates definitions and provisions related to when property is presumed abandoned, such as extending the abandonment period for certain property types like traveler's checks and money orders. It establishes new rules for when tax-deferred retirement and college savings accounts, custodial accounts for minors, and stored value cards are presumed abandoned. The bill requires holders of unclaimed property to report and remit abandoned property to the Department of Revenue, with specific requirements for the content and timing of reports. It gives the Department authority to examine holder records and establishes procedures for the Department to take custody of and sell abandoned property. The bill creates new provisions to protect the confidentiality and security of information obtained by the Department, and establishes a process for claimants to recover property from the Department. It also allows the Department to enter into agreements with other states to cooperate on unclaimed property enforcement. Overall, this bill substantially revises and updates Washington's unclaimed property law to align with national standards and provide more clarity and efficiency in the administration of unclaimed property.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5531&Year=2021&Initiative=false