Friday, April 12, 2013

Friday Lost + Found: Kenya Delays, Steel City Funds, Colorado Small Business Exemption

Kenyan Unclaimed Assets Authority Ordered to Get to Work and Consider How to Use Funds -- The full scale implementation of a Uniform Act style unclaimed property act is apparently still slow going in Kenya.  According to Kenya's Standard Digital News website, the Unclaimed Financial Assets Authority -- the government entity created by the new law -- has been ordered by the High Court to hold its initial meeting and commence work.  This is after earlier delays caused by problems in finding members for the Authority.  Separately, Business Daily Africa is reporting that Kenya's Higher Education Loans Board is negotiating with the UFAA to see if the funds taken in under the unclaimed property act can be used to fund certain higher education expenses, similar to what is done in some U.S. states.

Pittsburgh Unclaimed Funds -- As we've mentioned a few times, cities are also often in possession of unclaimed funds for their residents.  Recently, WPXI in Pittsburgh posted an article that includes a listing of unclaimed property held by the Steel City for its residents.

Colorado Gift Card Exemption For Small Issuers -- On March 15, Colorado's Governor signed House Bill 13-1102 into law.  The law exempts from the Colorado Unclaimed Property Act unclaimed gift cards held by an issuer that sells less than $200,000 of gift cards per year.

 

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