Regulatory Analysis

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Posted June 21, 2021 by Danielle Herring
NY Introduces Bill with Guidelines for Virtual Reporting

NY AB 7742 was introduced on May 21, 2021. Click here to read a copy of the bill. This proposed legislation is significant because it defines virtual currency and provides guidelines for reporting. A dormancy period of 3 years will be used. The state would be able to accept the currency in native units so […]

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Posted May 11, 2021 by Danielle Herring
Washington Department of Revenue Rolls out New Website

The Washington Department of Revenue has rolled out a new website to make reporting and claiming of property easier. The new website, claimyourcash.org, has features to simplify the claims process: Claims that meet a certain criteria can now be fast tracked and processed within 5 days. The website has a mobile friendly design to make […]

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Posted May 11, 2021 by Danielle Herring
Tennessee Passes Bills to Amend Existing RUUPA Law

Enacted by signature of the Governor and effective April 28, 2021. These are companion bills with identical wording. These bills make changes to the state’s existing law. The bills can be found here. The amendments to the law will change the date used to determine when property held in a pension or retirement account that […]

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Posted April 23, 2021 by Danielle Herring
ND Passes Bill to Follow RUUPA

ND S 2048: Enacted – Variation of the “Revised Uniform Unclaimed Property Act” Enacted by signature of the Governor on April 19, 2021. The bill enacts RUUPA legislation. The bill is effective August 1, 2021. The changes will impact reporting for 2022. The new law has standard RUUPA provisions with a few exceptions. Dormancy for […]

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Posted April 21, 2021 by Danielle Herring
Delaware S 104: Introduced – Unclaimed Property Audit Practices, VDA’s, IRA’s

Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021; with certain provisions applying retroactively to any claims, examinations, or litigation pending as of the effective date. This proposed bill covers three areas: audit practices, Voluntary Disclosure Agreements (VDA’s) and Individual Retirement Accounts (IRA’s). If passed this bill would expand […]

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Posted April 21, 2021 by Danielle Herring
Delaware S 103: Introduced – Unclaimed Property Virtual Currency

Introduced April 14, 2021 this bill, if enacted, would become effective on August 1, 2021. This bill would add provisions to the Delaware Unclaimed Property Act specifically requiring the reporting and remittance of virtual currency. DE S 103 defines virtual currency as a digital representation of value, including cryptocurrency, that does not have legal tender […]

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Posted April 21, 2021 by Danielle Herring
Colorado S 121: Enacted – Modifications to the “Revised Uniform Unclaimed Property Act”

Enacted and effective by signature of the Governor on April 15, 2021. The bill makes multiple changes to the Revised Uniform Unclaimed Property Act (the “Act”). This bill provides a specific definition of Financial Organization Loyalty Cards and exempts such items from the definition of Property under the Act. CO S 121 also removed two […]

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Posted April 8, 2021 by Sovos
Massachusetts Unclaimed Property Self Review Invitations

MA Self Review Invitation Letters Update: April 2021 Pursuant to The Massachusetts Unclaimed Property Law (M.G.L.c. 200A), the Commonwealth of Massachusetts, State Treasurer’s Office (the “Commonwealth”) issued a wave of letters inviting companies to participate in their Self-Review Program. The Commonwealth mailed notices to holders believed to be noncompliant with Massachusetts unclaimed property reporting laws and […]

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Posted February 19, 2021 by Sovos
Delaware Voluntary Disclosure (VDA) Invitation Letters

DE VDA Invitation Letters Update: February 19, 2021 Pursuant to 12 Del. C. §1173(b), the Delaware Secretary of State (SOS) has distributed a new wave of letters inviting companies to enter the unclaimed property Voluntary Disclosure Agreement (VDA) Program. Holders have 60 days from the date of the letter to enroll in the SOS VDA […]

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