Among some of the highlights of the proposed legislation include:
- a uniform due diligence requirement;
- more clarity on what information constitutes a last-known address;
- notice to the owner by the State Escheator for certain types of property;
- clearer standards for determining when a debt has been discharged;
- a 10 year record retention provision;
For any audit commenced on or before July 22, 2015 (except for certain securities examinations where estimations are not being used) the holder under audit may exercise the option of converting the audit into a review under the Secretary of State's Voluntary Disclosure Agreement (VDA) program, and limit the period under audit to 10 report years from the date of the original audit notice.
The legislation, introduced on January 12, has already passed the Senate and been approved by the House Administration Committee and is currently on the "Ready List" (meaning that it is ready for debate by the full House).