SB 379 - Unclaimed Property Program

• The Treasurer shall maintain a readily searchable online list of abandoned property with sufficient identifying information, replacing the prior requirement to post notices only during even-numbered years.

• Property holders must notify apparent owners by first-class mail within 180 days (or 1 year for most property) before the property is presumed abandoned, and must report unclaimed property to the Treasurer within 90 days after year-end.

• The Treasurer shall pay interest on all allowed claims at the deposit index rate from the date property is received until payment, applying to property received both before and after January 1, 2023.

• Agreements to locate unclaimed property are invalid if entered into within two years of the required report filing date or if the locator's fee exceeds 10 percent of recoverable property value; agreements must be in writing and disclose the property's nature, value, and owner's net share.

• An "unclaimed property expenses account" is established to fund program administration and marketing, with minimum deposits of $7 million for fiscal year 2023 and subsequent years adjusted by consumer price index changes.