AN ACT TO MODIFY THE STATUTES GOVERNING UNCLAIMED PROPERTY IN ORDER TO INCREASE CLAIMS PAID TO RIGHTFUL OWNERS AND REDUCE REPORTING BURDENS ON BUSINESS HOLDERS OF UNCLAIMED PROPERTY. Summarized in Daily Bulletin 4/6/11 and 5/5/11. Enacted June 23, 2011. Effective October 1, 2011.
Bill Summaries: all (2011-2012 Session)
Summary date: Jun 30 2011 - View summary
Bill H 692 (2011-2012)Summary date: May 5 2011 - View summary
House committee substitute makes the following changes to 1st edition. Amends GS 116B-65(a) to direct the State Treasurer to give notice of a sale, at minimum, by publishing notice at least two times a year in a major newspaper in the state’s major media markets (previously, required notice to be published annually in two newspapers with general circulation in the state). Makes other technical changes.
Bill H 692 (2011-2012)Summary date: Apr 6 2011 - View summary
Amends GS 116B-6 by adding a new subsection (j) providing that, on or before February 1 of each year, the North Carolina Division of Motor Vehicles, the North Carolina Department of Revenue, and the North Carolina Employment Security Commission must provide information to the State Treasurer to facilitate locating an owner of unclaimed property. Requires that the Treasurer use the information only for the purpose of locating owners of unclaimed property. Amends the definition of “property” in GS 116B-52(11) to mean, in relevant part, tangible personal property physically located in a safe deposit box or other safekeeping depository held by a financial institution within North Carolina. Amends GS 116B-53 to decrease the amount of time in which wages or compensation for personal services is considered abandoned to one year (was, two years) after the compensation becomes payable. Amends GS 116B-60(a) to provide that the electronic format for an abandoned property report be as prescribed by the Treasurer. Amends GS 116B-60(b) to require verified reports only for amounts of $50 or more, and amends the required contents of such reports. Allows aggregated reports for amounts less than $50. Allows holders of intangible property with a cumulative value of $250 or less to withhold reporting of that property until the year in which the aggregate value exceeds $250. Amends GS 116B-65(a) to require the treasurer to give minimum notice of sale of abandoned property in the form of publication at least annually in two newspapers having general circulation in North Carolina. Effective October 1, 2011.