CERTIFICATION OF ENROLLMENT
ENGROSSED SUBSTITUTE SENATE BILL 5531
Chapter 225, Laws of 2022
67th Legislature
2022 Regular Session
REVISED UNIFORM UNCLAIMED PROPERTY ACT
EFFECTIVE DATE: January 1, 2023
Passed by the Senate March 10, 2022 CERTIFICATE
Yeas 49 Nays 0
I, Sarah Bannister, Secretary of
the Senate of the State of
DENNY HECK Washington, do hereby certify that
President of the Senate the attached is ENGROSSED
SUBSTITUTE SENATE BILL 5531 as
passed by the Senate and the House
of Representatives on the dates
Passed by the House March 9, 2022 hereon set forth.
Yeas 60 Nays 37
SARAH BANNISTER
LAURIE JINKINS
Secretary
Speaker of the House of
Representatives
Approved March 30, 2022 2:43 PM FILED
March 31, 2022
Secretary of State
JAY INSLEE State of Washington
Governor of the State of Washington
 ENGROSSED SUBSTITUTE SENATE BILL 5531
AS AMENDED BY THE HOUSE
Passed Legislature - 2022 Regular Session
State of Washington 67th Legislature 2022 Regular Session
By Senate Ways & Means (originally sponsored by Senators Pedersen, L.
Wilson, and Mullet; by request of Uniform Law Commission)
READ FIRST TIME 01/21/22.
1 AN ACT Relating to the revised uniform unclaimed property act;
2 adding a new chapter to Title 63 RCW; creating a new section;
3 repealing RCW 63.29.010, 63.29.020, 63.29.030, 63.29.040, 63.29.050,
4 63.29.060, 63.29.070, 63.29.080, 63.29.090, 63.29.100, 63.29.110,
5 63.29.120, 63.29.130, 63.29.133, 63.29.135, 63.29.140, 63.29.150,
6 63.29.160, 63.29.165, 63.29.170, 63.29.180, 63.29.190, 63.29.192,
7 63.29.193, 63.29.194, 63.29.195, 63.29.200, 63.29.210, 63.29.220,
8 63.29.230, 63.29.240, 63.29.250, 63.29.260, 63.29.270, 63.29.280,
9 63.29.290, 63.29.300, 63.29.310, 63.29.320, 63.29.330, 63.29.340,
10 63.29.350, 63.29.360, 63.29.370, 63.29.380, 63.29.900, 63.29.902,
11 63.29.903, 63.29.905, and 63.29.906; prescribing penalties; and
12 providing an effective date.
13 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
14 PART 1
15 GENERAL PROVISIONS
16 NEW SECTION. Sec. 101. SHORT TITLE. This chapter may be cited
17 as the revised uniform unclaimed property act.
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 1 NEW SECTION. Sec. 102. DEFINITIONS. The definitions in this
2 section apply throughout this chapter unless the context clearly
3 requires otherwise.
4 (1) "Administrator" means the department of revenue established
5 under RCW 82.01.050.
6 (2) "Administrator's agent" means a person with which the
7 administrator contracts to conduct an examination under sections 1001
8 through 1013 of this act on behalf of the administrator. The term
9 includes an independent contractor of the person and each individual
10 participating in the examination on behalf of the person or
11 contractor.
12 (3) "Apparent owner" means a person whose name appears on the
13 records of a holder as the owner of property held, issued, or owing
14 by the holder.
15 (4) "Business association" means a corporation, joint stock
16 company, investment company other than an investment company
17 registered under the investment company act of 1940, as amended, 15
18 U.S.C. Secs. 80a-1 through 80a-64, partnership, unincorporated
19 association, joint venture, limited liability company, business
20 trust, trust company, land bank, safe deposit company, safekeeping
21 depository, financial organization, insurance company, federally
22 chartered entity, utility, sole proprietorship, or other business
23 entity, whether or not for profit.
24 (5) "Confidential information" means records, reports, and
25 information that are confidential under section 1402 of this act.
26 (6) "Domicile" means:
27 (a) For a corporation, the state of its incorporation;
28 (b) For a business association whose formation requires a filing
29 with a state, other than a corporation, the state of the principal
30 place of business of such a business association, if formed under the
31 laws of a state other than the state in which its principal place of
32 business is located, unless determined to be otherwise by a court of
33 competent jurisdiction;
34 (c) For a federally chartered entity or an investment company
35 registered under the investment company act of 1940, as amended, 15
36 U.S.C. Secs. 80a-1 through 80a-64, the state of its home office; and
37 (d) For any other holder, the state of its principal place of
38 business.
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 1 (7) "Electronic" means relating to technology having electrical,
2 digital, magnetic, wireless, optical, electromagnetic, or similar
3 capabilities.
4 (8) "Email" means a communication by electronic means which is
5 automatically retained and stored and may be readily accessed or
6 retrieved.
7 (9) "Financial organization" means a savings and loan
8 association, building and loan association, savings bank, industrial
9 bank, bank, banking organization, or credit union.
10 (10) "Game-related digital content" means digital content that
11 exists only in an electronic game or electronic game platform. The
12 term:
13 (a) Includes:
14 (i) Game-play currency such as a virtual wallet, even if
15 denominated in United States currency; and
16 (ii) The following if for use or redemption only within the game
17 or platform or another electronic game or electronic game platform:
18 (A) Points sometimes referred to as gems, tokens, gold, and
19 similar names; and
20 (B) Digital codes; and
21 (b) Does not include an item that the issuer:
22 (i) Permits to be redeemed for use outside a game or platform
23 for:
24 (A) Money; or
25 (B) Goods or services that have more than minimal value; or
26 (ii) Otherwise monetizes for use outside a game or platform.
27 (11) "Gift certificate" means a record described in RCW
28 19.240.010, and includes both gift cards and gift certificates,
29 including both tangible instruments and electronic records.
30 (12) "Holder" means a person obligated to hold for the account
31 of, or to deliver or pay to, the owner, property subject to this
32 chapter.
33 (13) "Insurance company" means an association, corporation, or
34 fraternal or mutual benefit organization, whether or not for profit,
35 engaged in the business of providing life endowments, annuities, or
36 insurance, including accident, burial, casualty, credit life,
37 contract performance, dental, disability, fidelity, fire, health,
38 hospitalization, illness, life, malpractice, marine, mortgage,
39 surety, wage protection, and worker compensation insurance.
p. 3 ESSB 5531.SL
 1 (14) "Loyalty card" means a record given without direct monetary
2 consideration under an award, reward, benefit, loyalty, incentive,
3 rebate, or promotional program which may be used or redeemed only to
4 obtain goods or services or a discount on goods or services. The term
5 does not include a record that may be redeemed for money or otherwise
6 monetized by the issuer.
7 (15) "Mineral" means gas, oil, coal, oil shale, other gaseous
8 liquid or solid hydrocarbon, cement material, sand and gravel, road
9 material, building stone, chemical raw material, gemstone,
10 fissionable and nonfissionable ores, colloidal and other clay, steam
11 and other geothermal resources, and any other substance defined as a
12 mineral by law of this state other than this chapter.
13 (16) "Mineral proceeds" means an amount payable for extraction,
14 production, or sale of minerals, or, on the abandonment of the
15 amount, an amount that becomes payable after abandonment. The term
16 includes an amount payable:
17 (a) For the acquisition and retention of a mineral lease,
18 including a bonus, royalty, compensatory royalty, shut-in royalty,
19 minimum royalty, and delay rental;
20 (b) For the extraction, production, or sale of minerals,
21 including a net revenue interest, royalty, overriding royalty,
22 extraction payment, and production payment; and
23 (c) Under an agreement or option, including a joint operating
24 agreement, unit agreement, pooling agreement, and farm-out agreement.
25 (17) "Money order" means a payment order for a specified amount
26 of money. The term includes an express money order and a personal
27 money order on which the remitter is the purchaser.
28 (18) "Municipal bond" means a bond or evidence of indebtedness
29 issued by a municipality or other political subdivision of a state.
30 (19) "Net card value" means the original purchase price or
31 original issued value of a stored value card, plus amounts added to
32 the original price or value, minus amounts used and any service
33 charge, fee, or dormancy charge permitted by law.
34 (20) "Nonfreely transferable security" means a security that
35 cannot be delivered to the administrator by the depository trust
36 clearing corporation or similar custodian of securities providing
37 posttrade clearing and settlement services to financial markets or
38 cannot be delivered because there is no agent to effect transfer. The
39 term includes a worthless security.
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 1 (21) "Owner" means a person that has a legal, beneficial, or
2 equitable interest in property subject to this chapter or the
3 person's legal representative when acting on behalf of the owner. The
4 term includes:
5 (a) A depositor, for a deposit;
6 (b) A beneficiary, for a trust other than a deposit in trust;
7 (c) A creditor, claimant, or payee, for other property; and
8 (d) The lawful bearer of a record that may be used to obtain
9 money, a reward, or a thing of value.
10 (22) "Payroll card" means a record that evidences a payroll card
11 account as defined in Regulation E, 12 C.F.R. Part 1005, as it
12 existed on the effective date of this section.
13 (23) "Person" means an individual, estate, business association,
14 public corporation, government or governmental subdivision, agency,
15 or instrumentality, or other legal entity.
16 (24) "Property" means tangible property described in section 205
17 of this act or a fixed and certain interest in intangible property
18 held, issued, or owed in the course of a holder's business or by a
19 government, governmental subdivision, agency, or instrumentality. The
20 term:
21 (a) Includes all income from or increments to the property;
22 (b) Includes property referred to as or evidenced by:
23 (i) Money, virtual currency, interest, or a dividend, check,
24 draft, deposit, or payroll card;
25 (ii) A credit balance, customer's overpayment, stored value card,
26 security deposit, refund, credit memorandum, unpaid wage, unused
27 ticket for which the issuer has an obligation to provide a refund,
28 mineral proceeds, or unidentified remittance;
29 (iii) A security except for:
30 (A) A worthless security; or
31 (B) A security that is subject to a lien, legal hold, or
32 restriction evidenced on the records of the holder or imposed by
33 operation of law, if the lien, legal hold, or restriction restricts
34 the holder's or owner's ability to receive, transfer, sell, or
35 otherwise negotiate the security;
36 (iv) A bond, debenture, note, or other evidence of indebtedness;
37 (v) Money deposited to redeem a security, make a distribution, or
38 pay a dividend;
39 (vi) An amount due and payable under an annuity contract or
40 insurance policy; and
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 1 (vii) An amount distributable from a trust or custodial fund
2 established under a plan to provide health, welfare, pension,
3 vacation, severance, retirement, death, stock purchase, profit-
4 sharing, employee savings, supplemental unemployment insurance, or a
5 similar benefit; and
6 (c) Does not include:
7 (i) Property held in a plan described in section 529A of the
8 internal revenue code, as it existed on the effective date of this
9 section, 26 U.S.C. Sec. 529A;
10 (ii) Game-related digital content;
11 (iii) A loyalty card;
12 (iv) A gift certificate complying with chapter 19.240 RCW;
13 (v) Store credit for returned merchandise; and
14 (vi) A premium paid by an agricultural fair by check. For the
15 purposes of this subsection, the following definitions apply:
16 (A) "Agricultural fair" means a fair or exhibition that is
17 intended to promote agriculture by including a balanced variety of
18 exhibits of livestock and agricultural products, as well as related
19 manufactured products and arts, including products of the farm home
20 and educational contests, displays, and demonstrations designed to
21 train youth and to promote the welfare of farmers and rural living;
22 and
23 (B) "Premium" means an amount paid for exhibits and educational
24 contests, displays, and demonstrations of an educational nature. A
25 "premium" does not include judges' fees and expenses; livestock sale
26 revenues; or prizes or amounts paid for promotion or entertainment
27 activities such as queen contests, parades, dances, rodeos, and
28 races.
29 (25) "Putative holder" means a person believed by the
30 administrator to be a holder, until the person pays or delivers to
31 the administrator property subject to this chapter or the
32 administrator or a court makes a final determination that the person
33 is or is not a holder.
34 (26) "Record" means information that is inscribed on a tangible
35 medium or that is stored in an electronic or other medium and is
36 retrievable in perceivable form.
37 (27) "Security" means:
38 (a) A security as defined in RCW 62A.8-102;
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 1 (b) A security entitlement as defined in RCW 62A.8-102, including
2 a customer security account held by a registered broker-dealer, to
3 the extent the financial assets held in the security account are not:
4 (i) Registered on the books of the issuer in the name of the
5 person for which the broker-dealer holds the assets;
6 (ii) Payable to the order of the person; or
7 (iii) Specifically indorsed to the person; or
8 (c) An equity interest in a business association not included in
9 (a) or (b) of this subsection.
10 (28) "Sign" means, with present intent to authenticate or adopt a
11 record:
12 (a) To execute or adopt a tangible symbol; or
13 (b) To attach to or logically associate with the record an
14 electronic symbol, sound, or process.
15 (29) "State" means a state of the United States, the District of
16 Columbia, the Commonwealth of Puerto Rico, the United States Virgin
17 Islands, or any territory or insular possession subject to the
18 jurisdiction of the United States.
19 (30) "Stored value card" means a record evidencing a promise made
20 for consideration by the seller or issuer of the record that goods,
21 services, or money will be provided to the owner of the record to the
22 value or amount shown in the record. The term:
23 (a) Includes:
24 (i) A record that contains or consists of a microprocessor chip,
25 magnetic strip, or other means for the storage of information, which
26 is prefunded and whose value or amount is decreased on each use and
27 increased by payment of additional consideration; and
28 (ii) A payroll card; and
29 (b) Does not include a loyalty card, gift certificate, or game-
30 related digital content.
31 (31) "Utility" means a person that owns or operates for public
32 use a plant, equipment, real property, franchise, or license for the
33 following public services:
34 (a) Transmission of communications or information;
35 (b) Production, storage, transmission, sale, delivery, or
36 furnishing of electricity, water, steam, or gas; or
37 (c) Provision of sewage or septic services, or trash, garbage, or
38 recycling disposal.
39 (32) "Virtual currency" means a digital representation of value
40 used as a medium of exchange, unit of account, or store of value,
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 1 which does not have legal tender status recognized by the United
2 States. The term does not include:
3 (a) The software or protocols governing the transfer of the
4 digital representation of value;
5 (b) Game-related digital content; or
6 (c) A loyalty card or gift certificate.
7 (33) "Worthless security" means a security whose cost of
8 liquidation