AN ACT TO AMEND THE STATUTES GOVERNING THE ESCHEAT FUND TO PROTECT THE PRIVACY OF INFORMATION COLLECTED FOR THE PROCESS OF PAYING CLAIMS; TO ELIMINATE THE FEE PAID BY HOLDERS FOR FILING AN EXTENSION REQUEST; TO REDUCE THE AMOUNT OF PAPERWORK REQUIRED BY HOLDERS; AND TO IMPROVE THE EFFICIENCY AND EFFECTIVENESS OF PROCESSING HOLDER REPORTS. Enacted July 18, 2013. Effective July 18, 2013.
Summary date: Jul 22 2013 - View summary
Bill H 257 (2013-2014)Summary date: Jun 25 2013 - View summary
Senate committee substitute to the 1st edition makes the following changes. Deletes the existing law and proposed changes in GS 116B-6(i) and instead requires the State Treasurer to maintain the records it receives from holders who report unclaimed property according to GS 116B-60. Limits the information that may be subject to public inspection to the information the State Treasurer is required to annually submit to the clerks of superior court. Changes the effective date of the act from July 1, 2013, to when the act becomes law.
Bill H 257 (2013-2014)Summary date: Mar 6 2013 - View summary
Amends GS 116B-6(i) to direct the Treasurer to record any other owner information obtained from the holder of property assumed to be abandoned in addition to the holder's name and last known address. Specifies that the required owner information includes Social Security or tax identification number, date of birth, driver's license or state identification number, and email address of each person, annuitant, insured, or beneficiary who may be entitled to the abandoned property based on the holder's report. Provides that the records must be available for inspection at public request within a reasonable time period but provides that access may be limited to those records required to be disclosed in GS 116B-62.
Amends GS 116B-52(11) to define propertyto mean money or tangible personal property (was, tangible property) held by a holder as specified in this section.
Current law requires a holder of property presumed to be abandoned to make a report to the Treasurer regarding the property. Requires the holder of property presumed to be abandoned to file a certification and verificationthat the holder has complied with GS 116B-59. Amends GS 116B-60 to permit holders making the report electronically to file an electronic certification and verification as required to comply with this statute.
Deletes the processing fee for filing a request for an extension of time to file a report.
Effective July 1, 2013, and applies to reports filed or records created on or after that date.