Leawood, KS – February 14, 2022: The State of Washington has introduced its version of the Revised Uniform Unclaimed Property Act (RUUPA). Washington Senate Bill 5531 (SB 5531) was first introduced on December 10, 2021 and is currently under review by the House Judiciary Committee. The new law is set to take effect January 1, 2023.
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.
SB 5331 adopts a version of RUUPA. Under Senate Bill 5331 certain stored value cards are subject to escheat, subject to an exemption for various loyalty, awards and promotional cards and gift certificates. Pursuant to SB 5531 the net value of an escheatable stored value card is presumed abandoned on the latest of three years after (a) December 31st of the year in which the card is issued or additional funds are deposited into the card; (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.
The statute includes additional notable changes to Washington’s Unclaimed Property Statute, including a provision that if the apparent owner has consented to receive electronic mail delivery from the holder, the holder is required to send notice as required under the chapter, both by US first-class mail and email, unless the holder believes the apparent owner’s email address is invalid. The new law has a six year look back transition provision that requires the initial report filed under the statute to include all items of property which would have been presumed abandoned during the six-year period preceding the effective date of this bill, as if the chapter had been in effect during that time period.
More information regarding RUUPA can be found here: RUUPA.
To read Washington SB 553 click here: Washington SB 5531.
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