The bill modifies the Revised Code of Washington (RCW) concerning unclaimed property, specifically addressing the abandonment period and reporting procedures for prearrangement funeral service contracts. It establishes that proceeds from these contracts are presumed abandoned after three years following the death of the contract beneficiary, when the beneficiary would have turned 107, or 50 years from the contract's execution date, whichever occurs first. The bill also introduces new definitions for terms such as "contract beneficiary," "contract purchaser," and "funeral establishment," while updating existing definitions to align with the new provisions. Additionally, it extends the abandonment period for excess proceeds from self-service storage facility sales from six months to one year and lowers the threshold for property value requiring notice to apparent owners from $75 to $50.

Furthermore, the bill enhances the responsibilities of holders and the administrator regarding unclaimed property. It mandates that holders notify apparent owners three months before ceasing interest payments or charging dormancy fees and requires the liquidation of virtual currency within 30 days prior to filing a report. The bill also emphasizes the importance of timely communication, requiring holders to send notices via first-class mail and, if applicable, email. It introduces penalties for non-compliance with reporting and payment requirements, including interest assessments and civil penalties for fraudulent reporting. Overall, the bill aims to improve the management of unclaimed property, ensuring that owners are informed of their rights and obligations while enhancing the accountability and transparency of the administrator's operations.

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
Session Law: 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