Revised Uniform Unclaimed Property Act

The act defines and exempts a financial organization loyalty card from the property that is subject to the "Revised Uniform Unclaimed Property Act". The act also repeals the presumption of abandonment in the act that took effect on July 1, 2020, for demand, savings, or time deposits with a financial organization, and replaces it by reenacting the similar version that was in effect prior to July 1, 2020, which has the same 5-year period for property to be presumed abandoned but has different owner activities that rebut the presumption of abandonment. The act also delays the time that a financial organization is required to deliver this property to the administrator if a penalty or forfeiture in the payment of interest would result from the delivery of the property. With respect to the administrator's reporting of information about an apparent owner, the act:

• Repeals the requirement that the administrator's record of persons, which includes the apparent owner's name and last-known address, be available for inspection; and
• Repeals the administrator's authority to identify the physical address of an apparent owner in published notices and on the website.
  (Note: This summary applies to this bill as enacted.)