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 any trust created under this chapter that has not matured or been refunded, and for which no beneficiary can be located within a specified time frame, must be transferred to the state as unclaimed property. The proceeds of 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, and repeals certain existing provisions to improve the clarity and efficiency of the unclaimed property process related to funeral service contracts.

Additionally, the bill amends various sections of the Revised Code of Washington (RCW) concerning unclaimed property, including updates to definitions and timeframes for different types of property. It lowers the reporting threshold from $75 to $50, requires email notifications to apparent owners who have consented, and mandates that the administrator provide notice for property valued at $50 or more. The bill also emphasizes the importance of confirming the apparent owner's interest in the property and includes provisions for extending filing deadlines. Other significant changes include the administrator's obligation to apply proceeds from unclaimed property to debts owed by the owner and the introduction of penalties for non-compliance with reporting requirements. 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