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 after the contract's execution. 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 enhance compliance with updated regulations.

Additionally, the bill introduces new requirements for holders of presumed abandoned property, including the obligation to notify apparent owners via first-class mail and email before ceasing interest payments or charging dormancy fees. It mandates that virtual currency must be liquidated within 30 days prior to filing a report and outlines the administrator's responsibilities regarding the sale of unclaimed property, including applying proceeds to debts owed by the owner. The bill emphasizes the importance of electronic communication and record-keeping, strengthens obligations by replacing "shall" with "must," and clarifies the appeal process for holders contesting determinations made by the administrator. Overall, these changes aim to streamline the handling of unclaimed property and improve the clarity and efficiency 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
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