NC H294

Repeals Section 2 of S.L. 2015-68 retroactively effective October 1, 2015.

Requires holders of presumed abandoned property valued at $25 or more (securities) or $50 or more (other property) to send written notice by first-class mail to apparent owners 60-120 days before filing reports with the Treasurer.

Expands notice requirements to include contact information for the holder and a statement that once property is placed with the Treasurer, all interest, dividends, income, and gains earned remain with the Treasurer even if the owner reclaims the property.

Adds notice requirement violations to the civil penalty provisions, making willful failures to provide required notice subject to penalties up to $25,000 per day plus 25% of the property value.

Modifies term limits for appointments to the Vocational Rehabilitation Council and North Carolina Museum of Art Board of Trustees, allowing General Assembly appointees to serve up to three consecutive four-year terms instead of two consecutive two-year terms.