HB2853 Summary

• Reduces money order abandonment period from 7 years to 3 years after issuance.

• Restructures financial organization deposit abandonment periods to separately address demand deposits, savings deposits, time deposits without automatic renewal, and automatically renewable time deposits, all at 3 years after last indication of owner interest.

• Establishes different reporting timelines for payroll card compensation: 1 year after last indication of interest, or 3 years if the payroll card becomes a demand deposit account.

• Allows the administrator to decline notifying the Department of Revenue of apparent owners' names and social security numbers if the administrator reasonably believes the Department cannot provide sufficient evidence to establish ownership of the unclaimed property.

• Requires the State Treasurer to examine federally-regulated financial organizations only in compliance with visitation standards established in the National Bank Act or Federal Credit Union Act, and subjects examination records to the same confidentiality provisions as other examined entities.