HB 1360 Summary

• Amends record retention requirements for holders of unclaimed property to retain all relevant records dating back ten years from examination commencement plus the applicable dormancy period, and until conclusion of any examination, appeal, or litigation.

• Adds requirement that holders maintain records of items that were not reported as unclaimed sufficient to determine compliance with unclaimed property laws.

• Changes the statute of limitations for the administrator to commence enforcement actions from five years to seven years after a nonfraudulent report is filed.

• Establishes that limitation periods are tolled when the administrator delivers a notice of examination to a holder, effectively pausing the clock on enforcement deadlines.

• Clarifies that expiration of a period of limitation on an owner's right to recover property does not prevent property from being presumed abandoned or affect the holder's duty to file reports or deliver property to the administrator.