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's 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 ensure compliance with the updated regulations.

Additionally, the bill revises various sections of the Revised Code of Washington regarding unclaimed property, including the definition of "worthless security" and the abandonment period for certain securities. It introduces new requirements for holders of presumed abandoned property, such as notifying apparent owners via first-class mail and email, and mandates that the administrator provide notice and publish information about unclaimed property. The bill emphasizes electronic communication, updates procedures for handling tangible property and virtual currency, and clarifies the responsibilities of the administrator, including applying unclaimed property to debts owed by owners. Overall, these changes aim to streamline the management of unclaimed property and enhance the clarity of the law.

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