HB 6067 Summary

• Extends the dormancy period for general unclaimed property from 3 years to 5 years before it escheats to the state.

• Increases dormancy periods for specific property types: money orders from 3 to 7 years, bank checks from 3 to 5 years, and prepaid funeral contract funds from 3 to 5 years.

• Extends dormancy periods for deposits and fiduciary accounts from 3 to 5 years, and in-trust and gifts-to-minors accounts from 3 to 15 years.

• Increases dormancy period for gift certificates and gift cards from 3 to 5 years of non-use before presumption of abandonment.

• Appropriates $4.8 million from unclaimed property funds to the Department of Treasury for administration, system changes, staffing, and public awareness of unclaimed property requirements.