Nebraska Makes Changes to Unclaimed Property Notification Requirements

by Michael Rato

New Law Changes Funding & Notice Provisions

On March 12, the Governor of Nebraska approved Legislative Bill 406 which amends various technical and administrative provisions of that state’s unclaimed property act. Among the more notable provisions are those which reduce the state’s obligation to publish and mail notice to owners of unclaimed property. Under the prior law, the state was obligated to mail notice and publish details relating to all items of $25 or more. The new law raises that threshold to $50. The new law also increases the amount held in the unclaimed property trust fund from $500,000 to $1 million.