RUUPA-VARIOUS
Summary
Amends the State Treasurer Act. Repeals provisions regarding transfer of power; transfer of personnel; transfer of property; and rules and standards. Amends the Revised Uniform Unclaimed Property Act. Changes the definition of "virtual currency". Provides that a money order is presumed abandoned if it is unclaimed by the apparent owner 3 (rather than 7) years after issuance. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a business association who has no reportable property shall so report to the administrator under specified circumstances. Provides that the administrator does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property if the administrator reasonably believes that the Department of Revenue will be unable to provide information that would provide sufficient evidence to establish that the person in the Department of Revenue's records is the apparent owner of unclaimed property in the custody of the administrator. Includes a provision regarding identification of apparent owners of abandoned property using other State databases. Provides that if property reported to the administrator is virtual currency, the holder shall liquidate the virtual currency and remit the proceeds to the administrator. Makes changes to provisions regarding: when tax-deferred and tax-exempt retirement accounts presumed abandoned; United States savings bonds; crediting income or gain to owner's account; and action by a person whose claim is denied.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2021
Committee Review
Floor Vote
Governor
Introduced Feb 10, 2021
Last action Jan 10, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
7
Key actions
1
Committee
4
Mar 27, 2021
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 11, 2021
Lower · Passed
To Property Tax Subcommittee
lower
Mar 2, 2021
Committee
Assigned to Revenue & Finance Committee
lower
Feb 10, 2021
Committee
Referred to Rules Committee
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Michael J. Zalewski
DDemocratic
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