State of New Jersey Requests the Supreme Court Review Gift Card Decision
Post by: Karen Anderson
The New Jersey Treasury Department has petitioned the U.S. Supreme Court requesting that they review and adjust the rules regarding which state may take claim to the value of unused gift cards. In Summer 2010, [...]
Nationwide Life Insurance Companies Settle with Several States In Audit Involving Death Master Filing Matching
Post by: Karen Anderson
Last week, the California Insurance Commissioner announced that Nationwide Financial Services, Inc. (which includes Nationwide life insurance entities) settled with California and several other states regarding its use of the Social Security Death Master File [...]
Countdown to 2012 Fall Unclaimed Property Reporting
Post by: Karen Anderson
As many holders are aware, July and August are typically the months for sending state-required due diligence letters. However, it is also the time to make any compliance-related and operational adjustments needed to ensure smooth and timely [...]
New Jersey Gift Card Legislation Signed Into Law
Post by: Karen Anderson
On Friday, June 29, 2012, New Jersey Governor Christie signed SB 1928 into law, a bill that changes the disputed NJ unclaimed property-related gift card statutory provisions enacted in summer 2010, and also modifies NJ [...]
Third Circuit Rules that States Barred from Requiring Savings Bond Escheat
Post by: Karen Anderson
In a 65-page opinion issued on June 27th, the United States Court of Appeals for the Third Circuit ruled that states are barred from claiming unredeemed federally-issued savings bonds from the United States Treasury. In [...]
UPRR Congratulates Delaware, Michigan and North Carolina as each Considers Pro-Business Proposals
Post by: Karen Anderson
Over the last few years, there have been dozens of stories on how states have seized unclaimed property as a source of non-tax revenue in order to fill the gaps created by declining state revenues. [...]
North Carolina Bill Would Ban Contingent Fee UP Audits
Post by: Karen Anderson
The North Carolina legislature is considering HB 462 which would prohibit the state treasurer from contracting unclaimed property auditors on a contingent fee basis. Specifically, the bill language states that the treasurer, who is the [...]
Michigan Adds New Business To Business Exemption
Post by: Karen Anderson
On May 24th, Michigan Governor Rick Snyder signed into law HB 4563 which will exempt common business transactions between two or more businesses from Michigan unclaimed property laws. Any credit balances, overpayments, deposits, refunds, discounts, [...]
Gift Card Retailers and New Jersey Governor Discuss Compromise
Post by: Karen Anderson
The ongoing issue between gift card retailers and escheatment requirements being placed on these retailers by the state of New Jersey took another turn this week. It was reported that retailers and New Jersey Governor [...]
Michigan Legislation Would Reduce Required Reach Back and Record Retention Periods
Post by: Karen Anderson
On April 27th, a bill was introduced into the Michigan House of Representatives that decreases the period from 10 to 5 years within which the Michigan unclaimed property administrator may bring an action or proceeding under the [...]
Contact Us
