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DE SB266

Bill

Status

Passed

8/15/2024

Primary Sponsor

Spiros Mantzavinos

Click for details

Origin

Senate

152nd General Assembly

AI Summary

  • Prohibits private parties from bringing lawsuits under the Delaware False Claims and Reporting Act (DFCRA) based on violations of unclaimed property reporting requirements under § 1142 of Title 12.

  • Preserves the Attorney General's authority to bring enforcement actions against non-compliant holders, except those already enrolled in voluntary disclosure agreements or under examination by the State Escheator.

  • Establishes a 90-day window for the State Escheator to initiate examinations based on whistleblower information before the Attorney General may pursue civil claims.

  • Defines "whistleblower" as an individual or group providing original source information about holder non-compliance with unclaimed property reporting requirements.

  • Authorizes whistleblower awards of 20-30% of the first $5 million recovered and 10-20% of amounts exceeding $5 million, plus reimbursable costs and attorney fees, when their information leads to successful state recovery.

Legislative Description

An Act To Amend Title 6 And Title 12 Of The Delaware Code Relating To Unclaimed Property.

Last Action

Signed by Governor

8/15/2024

Committee Referrals

Economic Development/Banking/Insurance & Commerce6/13/2024

Full Bill Text

No bill text available