Wednesday, September 5, 2012

While We Were Out: Legislative Updates From Around the Country

It's after Labor Day, the kids are back at school, and everyone is back at work preparing for fall reporting deadlines.  Here are a few legislative changes from late summer that took place while we were at the beach:

Michigan Amends Administrative Provisions -- Earlier this year, Michigan passed a business-to-business exemption to remove certain amounts payable between business associations from the reporting and remittance requirements of that state's unclaimed property act.  More recently, Michigan House Bill 5577 was passed, which amends the act's record retention and limitation of action provisions to reflect the new exemption.  The new law reduces the period of time that a holder must keep records of property due and owing between business associations to 5 years (down from 10).

Changes to Hawaii Reporting -- Hawaii was formerly one of the few states that had different dates for the reporting and remittance of unclaimed property.  No longer.  Pursuant to Act 229, both the reporting and remittance are due on November 1.


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