The bill seeks to amend the Revised Uniform Unclaimed Property Act by clarifying the abandonment period and reporting procedures specifically for prearrangement funeral service contracts. It establishes that proceeds from these contracts are presumed abandoned three years after the death of the contract beneficiary, upon the beneficiary reaching age 107, or 50 years from the contract execution date. The bill also modifies holder reporting and owner notification requirements, introduces new definitions for terms such as "contract beneficiary" and "funeral establishment," and repeals certain existing provisions to improve the clarity and efficiency of the unclaimed property process related to funeral service contracts.

Additionally, the bill updates various sections of the Revised Code of Washington (RCW) concerning unclaimed property, including changes to the definition of "worthless security" and the abandonment timeframe for certain property types. It lowers the notification threshold for property value from $75 to $50, requires holders to notify apparent owners via both mail and email, and establishes new deadlines for filing reports. The bill also emphasizes the importance of confirming the apparent owner's interest in the property, introduces provisions for handling virtual currency, and mandates that the administrator apply proceeds from unclaimed property to debts owed by the owner. Overall, these amendments aim to streamline the management of unclaimed property and enhance communication with apparent owners.

Statutes affected:
Original Bill: 18.39.370, 63.30.010, 63.30.040, 63.30.050, 63.30.090, 63.30.230, 63.30.240, 63.30.280, 63.30.300, 63.30.330, 63.30.340, 63.30.360, 63.30.730, 63.30.420, 63.30.460, 63.30.550, 63.30.650, 63.30.680, 63.30.690, 63.30.740, 63.30.790, 63.30.820, 63.30.670
Substitute Bill: 18.39.370, 63.30.010, 63.30.040, 63.30.050, 63.30.090, 63.30.120, 63.30.230, 63.30.240, 63.30.280, 63.30.300, 63.30.330, 63.30.340, 63.30.360, 63.30.730, 63.30.420, 63.30.460, 63.30.550, 63.30.650, 63.30.680, 63.30.690, 63.30.740, 63.30.790, 63.30.820, 63.30.670