The latest commentary on unclaimed property topics, including new legislation and regulations, developments from unclaimed property audits and VDAs, statements and remarks from politicians and administrators.
For information on the latest lawsuits, visit Unclaimed Property Litigation
I’ve had several discussions with fellow lawyers recently about unclaimed property and about whether unclaimed property laws apply to lawyer trust accounts. And nothing like a good networking event question to trigger a blog post, right? Not to mention, one of the fastest and easiest ways to get disbarred is to inappropriately manage your IOLTA…
On July 15, 2020, New York State Senator Shelley Mayer introduced a new bill that would change how gift cards are sold in New York. On July 23, 2020, SB 8780 passed the Senate and has been sent to the Assembly for their debate. Fees Would Be Prohibited Senate Bill 8780 would prohibit most fees…
Recent cases have showcased a novel way to attack a company’s unclaimed property compliance efforts. Or highlight the lack of unclaimed property compliance in some cases. Find out what you can do to reduce your risk from False Claims Act lawsuits, their treble damages and private right of actions. Yes, that’s right – plaintiffs don’t…
With more than half of all gift cards sold in the fourth quarter alone, the latest round of lawsuits is a big wake-up call for many retailers that issue gift cards. On October 24, 2019, a well-known plaintiff’s class-action law firm sued dozens of gift card issuers because their gift cards allegedly did not comply…
A new bill out of the Illinois legislature is looking to make several changes to the Illinois unclaimed property laws. The changes would affect cryptocurrency and virtual currency, retirement accounts, holders’ negative reporting requirements, and more. The Illinois bill is House Bill 4573 (opens externally). HB 4573 was introduced on February 5, 2020 and was…
A review of the Maine gift card and unclaimed property law, with a look at the preemption relating to the CARD Act of 2009. With a new law, Maine will gradually decrease the reportable amount for abandoned and unclaimed gift cards until 2022, when they will become effectively exempt.
Effective January 1, 2020, the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act”) makes some significant changes to how financial institutions handle retirement plans in unclaimed property. Specifically, there are three major provisions of the SECURE Act which you need to be aware of: Required Minimum Distribution Age The RMD age moves from…
Whew! I just looked at the calendar and realized that October is over! Hope you were able to get home and enjoy the Trick or Treaters on Halloween. Late September and all of October are always busy times for unclaimed property holders. You’ve got compliance deadlines, audit demands, and just general business things to take…
On June 10, 2019, Texas passed changes to how unclaimed property is reported in the state in HB 3598, as well as provisions relating to audits and owner claims. The law is effective immediately. New Texas Consolidated Reporting The biggest change that will be noticed immediately for holders is the new consolidated reporting requirement. Under…
Update: The law was approved and signed by the governor on July 5, and is effective January 1, 2020. The Hawaii legislature has sent legislation to the governor for signature that would require retailers and restaurants to provide cash back to gift card owners for balances under $5. Hawaii Gift Cards Hawaii permits retailers to…