SB2901 Summary

• Extends the presumption of abandonment period from 3 to 5 years for most unclaimed property types, including financial instruments, bonds, deposits, insurance proceeds, and retail refunds.

• Exempts property owed between business associations resulting from normal business transactions from the Revised Uniform Unclaimed Property Act.

• Reduces the statute of limitations for State Treasurer enforcement actions from 10 years to 5 years after a holder files a non-fraudulent report, with option for parties to mutually agree to extend the period.

• Permits State Treasurer to use estimation techniques conforming to generally accepted auditing or accounting standards when records are missing, and requires holders receive 60 business days to request a hearing to contest the estimation methods used.

• Prohibits State Treasurer from entering percentage-based contingency fee contracts with third parties to conduct examinations and removes previous provisions allowing such arrangements up to 15% of recovered property.