The State of Tennessee passed, and Governor Lee signed, Senate Bill 611 (SB 611) on April 28, 2021. Among other revisions, SB 611, amended the Tennessee Uniform Unclaimed Property Act to decrease the amount a holder of property presumed abandoned may include in the aggregate when filing an unclaimed property report. This amount was decreased from fifty dollars ($50.00) to twenty-five dollars ($25.00). According to SB 611, a report filed with the Treasurer under the Tennessee Uniform Unclaimed Property Act may include items, in the aggregate, valued at less than twenty-five dollars ($25.00) per item, and the treasurer shall not require the holder to provide the address and name of an apparent owner of an item unless the information is required to verify or process a claim in progress by the apparent owner.
To read Tennessee Senate Bill 611 click here: Tennessee SB 611.
About the Compliance Libraries:
The Compliance Libraries provide a one stop location for comprehensive information on the laws, rules and standards regulating gift cards. Its range includes federal and state laws, GAAP accounting standards and tax rules along with other helpful items. For more information visit www.compliancelibraries.com.