Unclaimed Property News Roundup: From East to West
Delaware Raises Revenue Forecast – The State of Delaware’s earnings continue to outperform, according to Delaware Online, in no small part due to the state’s unclaimed property receipts. According to the article, Delaware’s estimates were boosted by, among other things, a $10 million collection from a single holder. The article also contains an ominous note from the deputy finance secretary, who was quoted as saying that the scope of unclaimed property audits are “increasing.”
Washington Securities Sale Measure Passes – Moving west: a few weeks ago, we mentioned a Washington State proposal that would allow that state’s Division of Revenue to immediately liquidate securities received as unclaimed property (under the previous law, the state had to wait 3 years). According to the Unclaimed Property Professionals Organization, that measure has passed.
Northern Mariana Islands Pass Unclaimed Property Law — Moving even further west, the Northern Mariana Islands, a U.S. Commonwealth in the South Pacific, has taken steps to pass an unclaimed property law.. According to the Saipan Tribune, the Commonwealth’s legislature recently passed a law that “allows the government to have access to dormant and inactive bank accounts and unclaimed funds.” The bill is now pending with the Governor.
We will be taking off until next week. Happy New Year!