Wednesday, May 15, 2013

UPPO to Host Webinar on Potential Revisions to Uniform Unclaimed Property Act

As we mentioned in January, the National Conference of Commissioners on Uniform State Laws (NCCUSL) announced the formation of a "study committee" to consider revisions and/or amendments to the Uniform Unclaimed Property Act of 1995.  The NCCUSL is the entity that promulgated the 1995 Uniform Act, a variant of which is in effect in a substantial number of states.  Given the infrequency with which the Uniform Acts are revised (the revisions that became the 1995 Act came 14 years after the enactment of the previous Uniform Act) potential revisions are a big deal.  Ultimately, the committee may suggest amendments to the current (1995) Uniform Act, draft a completely new uniform act, or decide that no action is warranted.

The NCCUSL sponsored a hearing on April 24, during which time a variety of participants provided comments on whether the Uniform Act should be revised.  For those looking for more information about the Uniform Act process, some of the issues raised at the April 24 meeting, and/or how the process is expected to play out, the Unclaimed Property Professionals' Organization will be hosting a May 22 Webinar discussing these, and related, issues.  Registration information for the webinar can be found here.

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