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State legislation

Illinois Stealthily Enacts Version of RUUPA as Part of Budget Bill

July 7, 2017 By Michael Giovannini

This week, the Illinois General Assembly enacted budget legislation (SB 9) to much fanfare.  Although most news stories will likely focus on the fact that the state has a budget for the first time in several years, the real breaking news in the unclaimed property world is that a version of the 2016 Revised Uniform Unclaimed Property Act ("RUUPA") was included as part of SB 9.  A RUUPA bill (HB 2603) had previously been introduced and considered in the legislature but had been stagnant since March.  However, Illinois' version of RUUPA is enacted and effective on January 1, 2018, seemingly [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Illinois, Revised Uniform Unclaimed Property Act, State legislation, Unclaimed property

Delaware’s Unclaimed Property Overhaul Legislation Awaits the Governor’s Signature

January 27, 2017 By Michael Giovannini

Exactly two weeks after introduction, Delaware’s major unclaimed property overhaul bill – SB 13 – passed both the Senate and the House of Delaware’s General Assembly on January 26.  The bill is now on the desk of newly inaugurated Governor Carney and is awaiting signature.  We have previously addressed some of the significant features of SB 13 here.  To summarize, SB 13 represents a complete rewrite of the Delaware Escheats Law in reaction to the Temple-Inland decision and other recent unclaimed property developments.  Although SB 13 is inspired by and based in part on the new 2016 [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Delaware, State legislation, Unclaimed property

New York Looks to Further Restrict Gift Card Practices

January 11, 2017 By Michael Giovannini

In December, we wrote about a new gift card law in New York that took effect on Christmas day (http://www.alston.com/advisories/ny-gift-card-legislation/), which was enacted by Senate Bill S. 4771-E. Under that now-effective law: Gift card issuers are prohibited from charging a service fee before the twenty-fifth month of dormancy, and any service fees that are applied after this time must be waived and put back on the card if the card is used within three years of the issue date. No gift card may have an expiration date of earlier than five years from the date the card was issued or the [...]Read more

Filed Under: Uncategorized, Unclaimed Property Advisory Tagged With: Gift cards, State legislation, Unclaimed property

California Updates Unclaimed Property Law to Recognize Electronic Recurring Bank Account Activity

October 12, 2016 By Michael Giovannini and Samantha Bautista

On September 22, California Governor Jerry Brown signed AB 2258 into law, which revises California’s Unclaimed Property Law (UPL) to expressly recognize that certain electronic recurring transactions constitute “owner-generated activity” that would prevent accounts held by a banking or financial organization from being considered presumed abandoned.  As described by the bill’s author, AB 2258 effectuates a “simple modernization of the statute,” which will “eliminate unnecessary escheatment notices to be sent from the bank to the account holder that require the account holder to affirm [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: California, dormancy standards, State legislation, Unclaimed property

Retailers, Take Note: Connecticut Adds New Gift Card Cash-Back Requirements

June 16, 2016 By Michael Giovannini

On June 9, Connecticut Governor Dan Malloy signed into law HB 5564, which adds Connecticut to the growing list of states that require gift card sellers or issuers to provide cash back to consumers in certain partial redemption situations.  In particular, HB 5564 (enacted as Public Act No. 16-140) requires a seller or issuer of a gift card to provide the purchaser with either a proof of purchase receipt or a gift receipt for the purchase of such card.  Once the card has been redeemed for goods or services and the remaining balance is less than $3.00, the redeeming seller or issuer must pay the [...]Read more

Filed Under: State & Local Tax, State & Local Tax Advisory, Unclaimed Property Advisory Tagged With: Consumer protection, Gift cards, State legislation

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