Leawood, KS – September 27, 2021: The State of Indiana has introduced its version of the Revised Uniform Unclaimed Property Act (RUUPA). Indiana Senate Bill 188 (SB 188) was first introduced on January 5, 2021, and was signed by Governor Holcomb on April 29, 2021. The new law became effective July 1, 2021.
The Revised Uniform Unclaimed Property Act (RUUPA) is the latest revision to the Uniform Unclaimed Property Act first promulgated in 1954 and most recently updated in 1995. It makes several updates to earlier versions of the uniform act to keep up with technological changes and new forms of property serving as a comprehensive set of rules for the escheat of unclaimed property.
The new Indiana legislation establishes three priority rules to determine which state may take custody of property presumed abandoned. SB 188 adopts the uniform RUUPA exemption for loyalty, awards and promotional cards to escheat three years after the card is presumed abandoned. SB 188 also requires stored value cards, which are undefined in the bill, to escheat three years after the later of “the date the property is presumed abandoned under this chapter or the latest indication of interest by the apparent owner in the property”.
Under this bill, Indiana remains an exempt state for gift cards. In that regard, see the Office of the Indiana Attorney General Unclaimed Property Division’s FAQ.
SB 188 includes additional notable changes to Indiana’s Unclaimed Property Statute, including a provision that if the apparent owner has consented to receive electronic mail delivery from the holder, the holder may, at its election, 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.
More information regarding RUUPA can be found here: RUUPA.
To read Indiana SB 188 click here: Indiana SB 188.
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