HB2677 Summary

• Changes the abandonment period for money orders from 7 years to 3 years after issuance.

• Restructures financial organization deposit abandonment periods: demand and savings deposits become abandoned after 3 years of inactivity; time deposits without automatic renewal after 5 years; automatically renewable time deposits after 5 years following initial term and one renewal term.

• Removes requirement for administrators to notify Department of Revenue about apparent owners if they reasonably believe the Department cannot provide sufficient evidence to match the person to unclaimed property records.

• Grants State Treasurer authority to examine records of federally chartered banks, savings banks, and credit unions at reasonable times with notice, issue administrative subpoenas, and seek judicial enforcement if the administrator has reason to believe non-compliance with the Act.

• Applies the same confidentiality and use restrictions to records obtained from State-regulated financial organizations as apply to other examined entities, and takes effect immediately upon becoming law.