Tag: Kentucky

Kentucky Passes Version of 2016 Uniform Unclaimed Property Act

Kentucky Governor Matt Bevin recently signed House Bill 394 into law, which enacts a version of the 2016 Revised Uniform Unclaimed Property Act promulgated by the Uniform Law Commission.  The new law incorporates many of the Uniform Act’s structural and procedural changes, including the establishment of a formalized audit appeal procedure, detailed provisions relating to confidentiality, and rules relating to the reporting and remittance of unclaimed life insurance policies.

The adoption of the Uniform Act provisions also resulted in some substantive changes from the earlier Kentucky Unclaimed Property Act.  For example:

  • The dormancy period for money orders has increased from 3 years to 7 years;
  • The dormancy “trigger” for securities has changed from inactivity to a returned mail standard;
  • Stored value cards are now expressly covered by the Act, with a dormancy period of 3 years from December 31 of the year or issuance or last activity.

Kentucky is the fifth state to adopt a version of the 2016 Revised Uniform Unclaimed Property Act.

In addition to implementing the 2016 Uniform Unclaimed Property Act, the new law also requires the State Treasurer to submit a report to the legislature regarding the “status of the abandoned property fund” at the end of the year.

 

 

Friday Lost + Found: Happy Unclaimed Property Day and California & Kentucky Questions

Kentucky State Treasurer Defends His Post — Kentucky.com has an article about Kentucky Treasurer Todd Hollenbach’s defense of the position of State Treasurer.  Although term limits prevent Hollenbach from running again, a according to Kentucky.com some candidates for the position of State Treasurer seek to abolish the office – arguing that the various tasks can be handled by other government departments.

California Legislative Analysts’ Office: California Can Do More to Return Unclaimed PropertyThe LA Times is reporting on a release by the California Legislative Analyst’s Office (LAO) noting a potential conflict between the California Controller’s Office’s obligation to return unclaimed money to California citizens, and the revenue generated by the more than $400 million in revenue that unclaimed funds contribute to the state budget.

February 18 Was Unclaimed Property Day in South CarolinaAccording to WMBF, February 18 was declared “Unclaimed Property Day” in South Carolina by that state’s General Assembly and State Treasurer Curtis Loftis.  To be your own Santa in South Carolina, you can check the Treasury;s “Palmetto Payback” program here.