Posted: | March 2, 2018 03:53 PM |
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From: | Representative Kerry A. Benninghoff |
To: | All House members |
Subject: | Unclaimed Property, Securities Fix |
The Disposition of Abandoned and Unclaimed Property Act was passed to protect the interests of property owners and to provide a mechanism for the safekeeping and rightful return of unclaimed property. Unfortunately, changes to the law in 2016 caused unintended consequences for passive investors, which resulted in some “buy-and-hold,” minimal activity accounts being incorrectly reported as unclaimed property due to “lost contact.” My legislation will provide a new definition for “lost contact” so that shares of stock reported to Treasury are only those that have truly been abandoned and unclaimed, not merely held in a passive investment account. Under my legislation, securities, like cash dividend accounts, dividend investment plan accounts and non-dividend paying accounts, would not be reportable as unclaimed property unless:
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Introduced as HB2167