Leawood, KS – September 27, 2021: The District of Columbia has enacted its version of the Revised Uniform Unclaimed Property Act (RUUPA). Washington D.C. Council Bill B24-0373 (DC B24-0373) was first introduced on August 9, 2021, and was signed by Mayor Bowser on August 23, 2021. The bill, passed on an emergency basis as part of the Fiscal Year 2022 budget, is effective October 1, 2021, and shall remain in effect until November 21, 2021. The DC Council returns from recess on October 1, 2021, when it is expected that the Council will take action to act on legislation to extend the November 21, 2021, expiration date of DC B24-0373. In that regard, Bill 24-0285 was introduced to make the new unclaimed law permanent.
Under the new bill certain stored value cards are subject to escheat, subject to an exemption for various loyalty, awards and promotional cards and game related digital content. Pursuant to DC B24-0373, the net card value of an escheatable stored value card is presumed abandoned on the latest of three years after (a) December 31st of the year in which the card is issued or additional funds are deposited into the card; (b) the most recent indication of interest in the card by the apparent owner; or (c) a verification or review of the balance by or on behalf of the apparent owner.
DC B24-0373 includes additional notable changes to Washington D.C.’s Unclaimed Property Statute, including a provision that if the apparent owner has consented to receive electronic mail delivery from the holder, the holder is required to send notice as required under the bill, both by US first-class mail and email, unless the holder believes the apparent owner’s email address is invalid. The new bill has a ten year look back transition provision that requires the initial report filed under this subtitle to include all items of property which would have been presumed abandoned during the ten-year period preceding October 1, 2021, as if this subtitle had been in effect during that time period.
More information regarding RUUPA can be found here: RUUPA
To read the enacted Washington D.C. Council Bill B24-0373 click here: D.C. B24-0373
Update – February 8, 2022: The District of Columbia has enacted its version of the Revised Uniform Unclaimed Property Act (RUUPA) through multiple council bills. Washington D.C. Council passed Council Bill 24-0285 (DC B24-0285) on September 27, 2021, which became effective on November 13, 2021, and included, on a permanent basis, language found in DC B24-0373. Subsequently, the Washington D.C. Council passed Council Bill 24-0484 (DC B24-0484) on an emergency basis as part of Congressional Review of the Fiscal Year 2022 budget, which included similar language found in the aforementioned bills and became effective December 13, 2022 and remains in effect until March 13, 2022.
To read the enacted Washington D.C. Council Bill B24-0285 click here: Bill B24-0285.
To read the enacted Washington D.C. Council Bill B24-0484 click here: Bill B24-0484.
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