SB 281 Summary

• Exempts from unclaimed property laws: property owed to non-Delaware government entities and payments/credits from the 2022 Delaware Relief Rebate Program.

• Clarifies record retention requirements for holders under examination or in voluntary disclosure programs, requiring retention of records from ten years plus the dormancy period through completion of proceedings.

• Permits the State Escheator to liquidate securities and mail notice to owners at different times without liability, and allows reasonable efforts to update or correct owner addresses to improve notice delivery.

• Establishes that the 558-day period for determining claim value begins 30 days after property delivery if the notice date cannot be determined or if notice was not required.

• Authorizes the State Escheator to issue examination notices to holders failing to respond to verified report or compliance review requests, and allows pro rata claim payments for property received before August 1, 2022, or from bankruptcy proceedings.