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 exceptions: one that allowed for disclosure of the owner address and the right of public inspection of the administrator record of owner’s name and address.
This bill also makes changes to demand, savings or time deposits. It replaces the provision regarding when a demand, savings or time deposit becomes unclaimed with a provision similar to that which was in place prior to the effective date of the Act in 2020. Additional information is also provided regarding automatically renewable accounts and owner activity. To review CO S 121 in further detail click here.