Bill > HB1127

This bill modifies several provisions of Washington state's Revised Uniform Unclaimed Property Act, with changes affecting various aspects of how unclaimed property is handled. Key provisions include establishing new rules for prearrangement funeral service contract trusts, which will now be considered abandoned and transferred to the state after three years under specific conditions. The bill lowers the reporting threshold for property from $75 to $50, changes filing and payment deadlines for holders, and introduces new requirements for virtual currency reporting. It also modifies rules around holder examinations, refunds, and penalties, and adds new confidentiality provisions for certain administrative communications. The bill makes technical corrections to definitions, clarifies time periods for property abandonment, and provides more detailed guidance on how different types of property should be reported and handled. Some sections of the bill apply retroactively to January 1, 2023, while others will take effect in 2026, ensuring a phased implementation of the new regulations. The overall goal appears to be improving the efficiency and transparency of the unclaimed property process for both property holders and potential owners.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=1127&Year=2025&Initiative=false