Senate Bill 303 - Unclaimed Property

• Reduces the abandonment period for demand, savings, or matured time deposits from five years to three years
• Reduces the abandonment period for property from demutualization, rehabilitation, or reorganization of mutual insurance companies from five years to three years
• Reduces the abandonment period for all other unspecified property under the unclaimed property act from five years to three years
• Clarifies that business-to-business credit memoranda and gift certificates are excluded from the definition of "property" under the unclaimed property act
• Effective July 1, 2010