Revised Uniform Unclaimed Property Act

The House Judiciary Committee heard SB 188 on revised uniform unclaimed property act sponsored by Rep. J. Young.  Sen. Koch presented the bill which repeals the unclaimed property act and replaces it with the revised unclaimed property act.

On March 16, the following testified in favor of the bill: the Attorney General’s Office, the Indiana Credit Union League, and the Indiana Bankers Association.  The Committee held the bill for amendment.           

On March 24, the Committee amended the bill by consent.  Amendment #7 removes the requirement that an apparent owner have the same mailing address for both an inactive and a related account for purposes of indicating an interest in property.  Amendment #8 revises language regarding the date a pension account or retirement account is considered abandoned, limits the published notice of property held by the attorney general to property with a value greater than $100, revises language regarding the reporting and record maintenance requirements for property that was not previously required to be reported, requires the attorney general to adopt rules regarding virtual currency and digital assets, and makes technical corrections. The Indiana Bankers Association and the Attorney General’s Office testified in support of the amended bill.  The amended bill passed 11-0.

Read the bill at:  http://iga.in.gov/legislative/2021/bills/senate/188