TX clarifies new UP Law & MO passes new UP legislation
by Tracey Reid on 07/15/11
state legislatures across the country are wrapping up for the summer by passing
some significant Unclaimed Property legislation. The State of Texas clarified
some of the changes to be wrought by TX HB
257, making it clear that the effective date to report items that meet the new
dormancy period is NOT required until 2012.
Holders will not be required to report these fast-forwarded dormancy items
for the report that is due on November 1, 2011, so they have enough time to
make system modifications. Last, but not least, the effective date to report
under the "new reporting deadline" won’t be until July 1, 2013. That gives all of us a little breathing room
for this fall filing season!
Missouri lawmakers have also been busy in the
unclaimed property arena. The Missouri
Governor signed SB 366, making some changes regarding cooperative associations
and how they deal with unclaimed property into law. See the link below for the entire bill: Missouri SB 366