SB 104 Summary

• Establishes a permanent expedited examination program for holders of unclaimed property, with companies completing expedited exams receiving waived penalties and 1% interest, while companies in standard exams initiated after August 1, 2021 face a minimum non-waivable 20% interest assessment.

• Clarifies that the State Escheator may examine holder records to verify completeness and accuracy for compliance purposes regardless of whether records identify reportable property, and may initiate examinations for any reason without providing detailed justification.

• Modifies dormancy periods for bearer bonds and government-held property from 5 years to 3 years, and clarifies Individual Retirement Account escheatment procedures to align with federal SECURE Act changes regarding distributions after account owner death.

• Changes the notification timeframe for securities claims from imprecise "18 months" to exact "558 days" to maximize owner recovery rights, and establishes a 120-day appeal period (changed from imprecise "4 months") for claims denied by the State Escheator.

• Limits State indemnification of holders to property claims by other jurisdictions while excluding penalties imposed by other states, and prohibits use of documents from Delaware examinations in multistate audits without written holder consent.