|Posted:||January 7, 2014 01:51 PM|
|From:||Senator Vincent J. Hughes|
|To:||All Senate members|
|Subject:||"Abandoned and Unclaimed Property Law Update"|
|In the near future I will be introducing legislation to amend Article XIII.1 of the Fiscal Code to reduce the holding period in which property is presumed to be abandoned and unclaimed from 5 years to 3 years. Prior legislation, Act 91 of 2002, reduced the holding period from 7 years to 5 years and was estimated to generate in excess of $150 million in revenues for the Commonwealth in FY ‘02-’03. I believe this legislation will generate similar revenues for the General Fund.
Specifically, my legislation will reduce the holding period for the following classes of property under Article XIII.1 of the Fiscal Code:
▪ Property held by financial institutions (Section 1301.3)
▪ Property held by insurers (Section 1301.4)
▪ Property held by utilities (Section 1301.5)
▪ Property held by business associations (Section 1301.6)
▪ Property held by fiduciaries (Section 1301.8)
▪ Property held by courts and public officers and agencies (Section 1301.9)
▪ Miscellaneous property held for or owing to another (Section 1301.10)
Please join me in co-sponsoring this legislation.
Introduced as SB1293