Our Unclaimed Property Group explores legislation introduced in the state Senate that if enacted, would prompt a sea change in Delaware law governing abandoned and unclaimed property.
Tag Archives: due diligence
Pennsylvania Amends IRA Provisions of Unclaimed Property Law and Adds Due Diligence Requirements
▪ Written by Michael Giovannini
The Pennsylvania General Assembly passed HB 1605 on July 13, 2016, and it was approved by Governor Tom Wolf on the same day. Contained within this omnibus finance bill are two sections that significantly amend Pennsylvania's unclaimed property law: section 4, which revises the dormancy standard applicable to IRAs; and section 5, which imposes formal due diligence requirements on holders.
In particular, section 4 of HB 1605 revises section 1301.8 of Pennsylvania's unclaimed property law to provide that the dormancy period for a retirement account is triggered when the holder “has lost [...]Read more