|Posted:||March 28, 2016 10:09 AM|
|From:||Representative Thomas P. Murt|
|To:||All House members|
|Subject:||Amending the Unclaimed Property Law|
|I am preparing to introduce legislation that would amend the Commonwealth’s Unclaimed Property Law to lengthen the time after which certain types of unclaimed property must be transferred to the State Treasury for safekeeping.
Currently, the period of time after which property is presumed to be abandoned and unclaimed is three years. My legislation with lengthen this time to seven years.
This legislation is specific that it only increases the time period for such property that is demand, savings or matured time deposits in a financial institution and funds paid toward the purchase of shares or other interests in savings associations.
I believe this legislation will give additional time for our constituents to act upon their accounts so that the money is not deemed unclaimed and moved to the Treasury department.
I hope you can join me in cosponsoring this legislation.
Introduced as HB2005