Leawood, Kan. – April 30, 2020: The Commonwealth of Vermont has enacted new legislation implementing the Revised Uniform Unclaimed Property Act (RUUPA). Vermont House Bill 550 was first introduced on April 26, 2019. Passed by the Vermont legislature on March 11, 2020, it was signed into law by Governor Phil Scott on April 29, 2020.
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 Vermont 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. And, it adopts a qualified exemption to escheat for gift cards under which the amount escheated is 60% of the remaining balance.
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