MO HB401

Adds definition of "business credit" as credit offered between business entities for goods or services without redeemable cash value, and excludes such credits from unclaimed property law.

Reduces abandonment period for payroll checks from five years to three years, effective January 1, 2012, while maintaining five-year period for most other property.

Exempts outstanding checks, drafts, and credit balances issued to business entities from abandonment presumption if the holder maintains an ongoing business relationship with the entity during the dormancy period.

Creates three-year statute of limitations for state treasurer enforcement of unclaimed property claims, measured from the holder's report filing or notice of dispute; extends to six years for fraudulent reports intended to evade escheatment.

Modifies definition of "reasonable and necessary diligence" to require holders send notice via first-class mail marked "Address Correction Requested" within twelve months before turning property over to the treasurer.