HB2573 Summary

• Exempts property due or owed by a business association from normal and ordinary course transactions from the Revised Uniform Unclaimed Property Act.

• Changes the statute of limitations for administrator actions from when property was specifically identified in a report to 10 years after a non-fraudulent report is filed, and allows parties to mutually extend this period.

• Establishes a 10-year limitation period for the administrator to commence examinations or proceedings regarding any holder duty, measured from when the duty arose.

• Requires the administrator to use estimation techniques incorporating a "net method of extrapolation" (numerator limited to state-located property, denominator based on reasonable surrogates like sales or payroll) when examining holders who fail to retain required records.

• Eliminates contingent fee compensation arrangements for third parties conducting examinations and removes a previous requirement that initial reports include property from the 5-year period before the Act took effect.