The proposed bill addresses three issues frequently requested on holder wish-lists for unclaimed property administration. In particular, the proposed legislation would provide the following features:
- Business-to-Business Exemption -- Bill 1075 would create a business-to-business exemption for items between business associations that have an ongoing customer relationship. Specifically, the proposed exemption provides that items "issued to a business
entity or association as part of a commercial transaction in the ordinary course of a
holder's business shall not be presumed abandoned if the holder and such business entity
or association have an ongoing business relationship."
- Three Year Statute of Limitations -- One of the most frequent holder complaints about state unclaimed property laws is the fact that the audit period can go back many years, if not decades. The proposed Missouri legislation, by contrast, would limit the enforcement statute of limitations, in most cases, to three years from the date of filing the report.
- Appeals Process -- Finally, the bill would create an appeals process to allow holders to challenge adverse determinations made by the Administrator.