PRINTER'S NO. 1513
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
1058
Session of
2018
INTRODUCED BY MENSCH, DINNIMAN, GORDNER, HUTCHINSON, VULAKOVICH,
COSTA, BREWSTER AND YUDICHAK, FEBRUARY 27, 2018
REFERRED TO FINANCE, FEBRUARY 27, 2018
AN ACT
Amending the act of April 9, 1929 (P.L.343, No.176), entitled,
as amended, "An act relating to the finances of the State
government; providing for cancer control, prevention and
research, for ambulatory surgical center data collection and
for the Joint Underwriting Association, providing for the
settlement, assessment, collection, and lien of taxes, bonus,
and all other accounts due the Commonwealth, the collection
and recovery of fees and other money or property due or
belonging to the Commonwealth, or any agency thereof,
including escheated property and the proceeds of its sale,
the custody and disbursement or other disposition of funds
and securities belonging to or in the possession of the
Commonwealth, and the settlement of claims against the
Commonwealth, the resettlement of accounts and appeals to the
courts, refunds of moneys erroneously paid to the
Commonwealth, auditing the accounts of the Commonwealth and
all agencies thereof, of all public officers collecting
moneys payable to the Commonwealth, or any agency thereof,
and all receipts of appropriations from the Commonwealth,
authorizing the Commonwealth to issue tax anticipation notes
to defray current expenses, implementing the provisions of
section 7(a) of Article VIII of the Constitution of
Pennsylvania authorizing and restricting the incurring of
certain debt and imposing penalties; affecting every
department, board, commission, and officer of the State
government, every political subdivision of the State, and
certain officers of such subdivisions, every person,
association, and corporation required to pay, assess, or
collect taxes, or to make returns or reports under the laws
imposing taxes for State purposes, or to pay license fees or
other moneys to the Commonwealth, or any agency thereof,
every State depository and every debtor or creditor of the
Commonwealth," in disposition of abandoned and unclaimed
property, further providing for property held by business
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associations.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1301.6 of the act of April 9, 1929
(P.L.343, No.176), known as The Fiscal Code, is amended to read:
Section 1301.6. Property Held by Business Associations.--The
following property held or owing by a business association is
presumed abandoned and unclaimed:
1. The consideration paid for a gift certificate or gift
card which has remained unredeemed for two (2) years or more
after its redemption period has expired or after the minimum
period specified in section 915(c) of the Consumer Credit
Protection Act (Public Law 90-321, 15 U.S.C. ยง 1693l-1(c)),
whichever occurs later, or for three (3) years or more from the
date of issuance if no redemption period is specified. The
provisions of this clause shall not apply to a qualified gift
certificate.
2. Any certificate of stock or participating right in a
business association, for which a certificate has been issued or
is issuable but has not been delivered[, whenever the owner
thereof has not claimed or indicated an interest in such
property within three (3) years after the date prescribed for
delivery of the property to the owner.] three (3) years after
the holder has lost contact with the owner, unless the owner has
within that three (3) year period:
(i) increased or decreased the principal;
(ii) accepted payment of principal or income; or
(iii) otherwise indicated an interest in the property or in
other property of the owner in the possession, custody or
control of the holder.
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3. Any sum due as a dividend, profit, distribution, payment
or distributive share of principal held or owing by a business
association[, whenever the owner has not claimed or indicated an
interest in such sum within three (3) years after the date
prescribed for payment or delivery.] three (3) years after the
holder has lost contact with the owner, unless the owner has
within that three (3) year period:
(i) increased or decreased the principal;
(ii) accepted payment of principal or income; or
(iii) otherwise indicated an interest in the property or in
other property of the owner in the possession, custody or
control of the holder.
4. Any sum due as principal or interest on the business
association's bonds or debentures, or coupons attached thereto,
whenever the owner has not claimed or indicated an interest in
such sum within three (3) years after the date prescribed for
payment.
5. Any sum or certificate or participating right due by a
cooperative to a participating patron, whenever the owner has
not claimed or indicated an interest in such property within
three (3) years after the date prescribed for payment or
delivery.
6. The following apply:
(i) For the purpose of clauses 2 and 3, the date on which
the holder has lost contact with the owner is:
(A) the date a second consecutive communication sent by the
holder by first class United States mail to the owner is
returned to the holder undelivered by the United States Postal
Service; or
(B) if the second communication is made later than thirty
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(30) days after the first communication is returned, the date
the first communication is returned undelivered to the holder by
the United States Postal Service.
(ii) If the owner does not receive communications from the
holder by United States mail, the holder shall attempt to
confirm the owner's interest in the property by sending the
owner an electronic mail communication not later than two (2)
years after the owner's last indication of interest in the
property. If the holder receives notification that the
electronic mail communication was not received or if the owner
does not respond to the electronic mail communication within
thirty (30) days after the communication was sent, the holder
shall promptly attempt to contact the owner by first class
United States mail. If the mail is returned to the holder
undelivered by the United States Postal Service, the holder
shall be deemed to have lost contact with the owner on the date
of the owner's last indication of interest in the property.
7. Notice to owners shall be provided in accordance with
section 1301.10a.
Section 2. This act shall take effect in 60 days.
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