The bill seeks to amend the Revised Uniform Unclaimed Property Act by establishing clearer guidelines for the abandonment period and reporting procedures for prearrangement funeral service contracts and trusts. It introduces a three-year abandonment period that begins from the date of death of the contract beneficiary, the date the beneficiary would have turned 107, or 50 years from the contract's execution. Additionally, if a trust has not matured or been refunded and no beneficiary can be located within this timeframe, it must be transferred to the state as unclaimed property. The bill also modifies definitions and reporting requirements related to unclaimed property, including the apparent owner of unclaimed contracts and the amount reportable for abandoned contracts, while repealing RCW 63.30.670.

Moreover, the bill updates various sections of the Revised Code of Washington (RCW) concerning unclaimed property, including the definition of "worthless security" and the abandonment period for gift certificates. It reduces the reporting threshold for certain items from $50 to $5 and mandates that holders notify apparent owners of unclaimed property through first-class mail or email. The bill also clarifies the definition of "good cause" for not remitting payments electronically, introduces new provisions for handling securities, and emphasizes the administrator's obligation to apply proceeds from unclaimed property to debts owed by the owner. Overall, these amendments aim to streamline the management of unclaimed property while enhancing accountability and communication with property 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