Substitute Senate Bill No. 1434 proposes significant revisions to the state's unclaimed property laws, set to take effect on July 1, 2025. The bill introduces new definitions, including "funeral service contract," "last-known address," and "virtual currency," which aim to clarify the scope of property subject to unclaimed property regulations. It modifies the definition of "last-known address" to allow for broader identification of an owner's location. Additionally, the bill establishes new provisions for funeral service contracts, stipulating that property held under such contracts will be presumed abandoned unless there is evidence of interest from the beneficiary within one year of it becoming payable. The notification timeline for presumed abandoned property is also revised, changing from "not less than one hundred eighty days before" to a timeframe of "between July first and September thirtieth" of the calendar year in which the presumption takes effect.

The bill further mandates that holders of unclaimed property submit detailed reports to the Treasurer by March 31 of the year following the calendar year in which the property is presumed abandoned, replacing the previous 90-day submission requirement. It also introduces a ten-year record retention requirement for holders regarding unclaimed property information. Notably, the bill allows for the donation of unclaimed property to designated charitable causes and establishes a process for reclassifying abandoned property owned by state agencies as state property. The notification requirements are streamlined, with the Treasurer only required to send notices for properties valued at $50 or more. Overall, these changes aim to enhance the management of unclaimed property, improve owner notification, and facilitate charitable contributions from unclaimed assets.

Statutes affected:
Raised Bill: 3-56a, 3-65a, 3-70a
GAE Joint Favorable Substitute: 3-56a, 3-65a, 3-70a
File No. 340: 3-56a, 3-65a, 3-70a