Tuesday, June 14, 2011

Bills to Shorten Dormancy Periods Sent to Governors in Illinois & Texas

Bills that would shorten the dormancy periods for certain types of items have been sent to the Governors of Illinois and Texas, respectively.

Illinois -- Illinois has traditionally been one of a small handful of states where payroll/wages had a dormancy period of longer than 1 year.  That will probably not be true for much longer.  On June 10, House Bill 1560 was sent to the Governor for signature.  Pursuant to that legislation, which will take effect immediately, "unclaimed wages, payroll, and salary, in any form, shall be reported after remaining unclaimed for one year."

Texas -- In Texas, we previously covered House Bill 257, which would shorten the dormancy period for utility deposits from three years to 18 months; money orders from seven years to three years; and bank deposits, savings accounts, and matured certificates of deposits from five years to three years.  That bill has been approved by the state legislature and has been sent to the Governor for signature.

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