Leawood, Kan. – June 27, 2025: Recently, the Washington Governor signed Substitute Senate Bill 5316 (“SB 5316”) to amend the Revised Uniform Unclaimed Property Act as it pertains to the abandonment period of stored value cards and unclaimed property notices. The effective date of the bill varies as to the specific amendments and are noted below to each relevant section.
Specifically, as to stored value cards, Section 6 of SB 5316 changes the time period upon which a stored value card is presumed abandoned by removing December 31st from the calculation of abandonment. It now states that “the net card value of a stored value card, other than a payroll card, is presumed abandoned on the latest of three years after: (a) The card is issued or additional funds are deposited into it; (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.” SB 5316, Sec. 6 (1)(a)-(c). This section of the bill applies retroactively to take effect on January 1, 2023. Id. at Sec. 28.
Specifically, as to unclaimed property reports, Section 8 of SB 5316 states that a report “may include in the aggregate items valued under $5 each.” The amount changes from $50 to $5. Id. at Sec. 8 (2). This section takes effect on January 1, 2026. Id. at Sec. 29.
As to unclaimed property notices, Sections 10 and 11 of SB 5316 decrease the threshold amount for when the holder of the property presumed abandoned must send the apparent owner notice. The value of the property is now “$50 or more” rather than $75. Id. at Sec. 10 (1) (b) and Sec. 11 (2)(a). This section takes effect on January 1, 2026. Id. at Sec. 29.
This Card Alert provides a summary of some relevant changes, but not all the changes. To view all the amendments to the Revised Uniform Unclaimed Property Act click here: Washington House Bill 5316.
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