Leawood, Kan. – February 8, 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. It has been referred to the Senate Judiciary Committee.
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. It adopts the uniform RUUPA exemption to escheat for loyalty, awards and promotional cards. As it is currently written, SB 188 would require gift cards to escheat five years after the gift card was last used by the consumer. A gift card is defined as a stored value card without a fee, expiration date or cash redemptions unless required by law. SB 188, § 20, subsection 1(10) (2021 Sess.). Currently Indiana is an exempt state for gift cards. SB 188 would also require stored value cards to escheat three years after the later of “December 31 of the year in which the card is issued or additional funds are deposited into it; the most recent indication of interest in the card by the apparent owner; or, a verification or review of the balance by or on behalf of the apparent owner.” SB 188, § 20, subsection 9 (2021 Sess.).
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