SB 995 Exempts certain items from qualifying as unclaimed property
Sponsor: Sifton
LR Number: 6310S.01I Fiscal Note available
Committee: Governmental Accountability and Fiscal Oversight
Last Action: 4/16/2014 - Voted Do Pass S Governmental Accountability and Fiscal Oversight Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2014

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Current Bill Summary


SB 995 - This act modifies the law relating to unclaimed property.

Under current law, certain personal property that is held or owing in the ordinary course of business that is unclaimed by the owner is considered abandoned after 7 years and is to be delivered to the state. Under the act, outstanding checks, drafts, credit balances, customers' overpayment, and any unidentified remittance are not considered abandoned if there is an ongoing business relationship.

Currently, the abandonment period for payroll checks is 5 years. This act reduces that period to 3 years beginning January 1, 2015.

The act excludes business credits from being treated as unclaimed property. The term "business credits" is defined as "any credit offered by one business entity to another business entity to be applied in exchange for goods or services but does not have a redeemable cash value".

The act creates a statute of limitations for enforcement actions of 3 years from when a report is filed or when notified of a dispute. That limit is extended to 6 years if a fraudulent report is filed.

This act is identical to HB 1075 (2014).

CHRIS HOGERTY