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 updates 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 before ceasing interest payments and liquidating virtual currency within a specified timeframe. The bill emphasizes the administrator's responsibilities, including applying proceeds from unclaimed property to debts owed by owners and ensuring public notice before sales occur. Overall, these changes aim to enhance accountability, transparency, and clarity in the handling of unclaimed property.

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
Bill as Passed Legislature: 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