RUUPA-VARIOUS
Summary
Amends the Revised Uniform Unclaimed Property Act. Provides that virtual currency is presumed abandoned if it is unclaimed by the apparent owner 5 years after the last indication of interest in the property. Provides that a provision regarding when a tax-deferred retirement account is presumed abandoned also applies to a tax-exempt retirement account. Provides that property held in a pension account or retirement account that qualifies for tax deferral or tax exemption may be presumed abandoned if, among other criteria, it is unclaimed by the apparent owner 3 years after the date the apparent owner becomes 72 (rather than 70.5) years of age. Provides that a business association that has no reportable property shall report to the State Treasurer if the business association has: (1) annual sales of more than $1,000,000; (2) securities that are publicly traded; (3) a net worth of more than $10,000,000; or (4) more than 100 employees. Provides that the State Treasurer does not need to notify the Department of Revenue of the names or social security numbers of apparent owners of abandoned property under certain circumstances. Provides for the identification of apparent owners of abandoned property using databases of the Secretary of State and the State Board of Elections. Provides for the delivery of reportable virtual currency to the State Treasurer. Makes other changes.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2020
Committee Review
Floor Vote
Governor
Introduced Feb 6, 2020
Last action May 15, 2020
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
22
Key actions
7
Committee
12
Amendments
1
May 7, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As May 22, 2020
upper
Apr 30, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As May 15, 2020
upper
Apr 23, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As May 7, 2020
upper
Apr 16, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As April 30, 2020
upper
Apr 12, 2020
Committee
Senate Committee Amendment No. 1 Pursuant to Senate Rule 3-9(b) / Referred to Assignments
upper
Apr 12, 2020
Committee
Pursuant to Senate Rule 3-9(b) / Referred to Assignments
upper
Mar 25, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As April 24, 2020
upper
Mar 18, 2020
Upper · Passed
Rule 2-10 Committee Deadline Established As April 2, 2020
upper
Mar 4, 2020
Upper · Passed
Senate Committee Amendment No. 1 Assignments Refers to Judiciary
upper
Feb 28, 2020
Committee
Senate Committee Amendment No. 1 Referred to Assignments
upper
Feb 28, 2020
Introduced
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Rachelle Crowe
upper
Feb 19, 2020
Committee
Assigned to Judiciary
upper
Feb 6, 2020
Committee
Referred to Assignments
upper
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
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