UNCLAIMED PROPERTY NOTICE REQUIREMENTS.-AB

View NCGA Bill Details2017-2018 Session
House Bill 294 (Public) Filed Wednesday, March 8, 2017
AN ACT TO MAKE CHANGES TO THE NOTICE REQUIREMENTS AND PENALTY FOR THE DISPOSITION OF ABANDONED PROPERTY AND TO MAKE TECHNICAL AND CLARIFYING CHANGES TO THE UNCLAIMED PROPERTY STATUTES, AND TO MODIFY TERMS OF APPOINTMENT FOR VARIOUS BOARDS.
Intro. by Hurley.

Status: Ch. SL 2017-134 (House Action) (Jul 20 2017)

SOG comments (1):

Long Title Change

Senate amendment #1 to the 3rd edition makes changes to the long title. The original title is as follows:

AN ACT TO MAKE CHANGES TO THE NOTICE REQUIREMENTS AND PENALTY FOR THE DISPOSITION OF ABANDONED PROPERTY AND TO MAKE TECHNICAL AND CLARIFYING CHANGES TO THE UNCLAIMED PROPERTY STATUTES.

Bill History:

H 294/S.L. 2017-134

Bill Summaries:

  • Summary date: Jul 25 2017 - More information

    AN ACT TO MAKE CHANGES TO THE NOTICE REQUIREMENTS AND PENALTY FOR THE DISPOSITION OF ABANDONED PROPERTY AND TO MAKE TECHNICAL AND CLARIFYING CHANGES TO THE UNCLAIMED PROPERTY STATUTES, AND TO MODIFY TERMS OF APPOINTMENT FOR VARIOUS BOARDS. Enacted July 20, 2017. Effective July 20, 2017, except as otherwise provided.


  • Summary date: Jun 27 2017 - More information

    Senate amendment #1 adds the following provisions to the 3rd edition.

    Amends GS 143-548, adding the representative of a parent training and information center to those that are permitted to serve more than two consecutive full terms on the Vocational Rehabilitation Council.

    Amends GS 140-5.13, modifying the terms and limitations for members of the Board of Trustees of the North Carolina Museum of Art. Now provides that all appointment by the General Assembly are for terms of four years, with no person being appointed to more than three consecutive terms (currently, all regular appointments by the General Assembly are for the then current legislative term, with no appointee of the General Assembly being appointed to more than two consecutive terms of two years).

    Makes conforming organizational changes. Changes the act's long title. 


  • Summary date: Jun 21 2017 - More information

    Senate committee substitute to the 2nd edition makes the following change. Amends GS 116B-77 by making a technical change.


  • Summary date: Apr 25 2017 - More information

    House committee substitute makes the following changes to the 1st edition:

    Deletes amendments to GS 116B-70 (regarding the Treasurer's authority to destroy or dispose of abandoned property with no substantial commercial value).

    Amends GS 116B-59 (Notice by holders to apparent owners). Replaces proposed references to "stocks" with references to "securities." Amends notice to apparent owner requirements to require holders to exercise reasonable care to ascertain that notice is being sent to the apparent owner's correct address, and deletes proposed language regarding database searches and notice by electronic mail. Amends the requirements for the contents of the written notice, restoring the requirement of a statement of the amount of the property.

    Amends GS 116B-77. Deletes proposed separate civil penalty for failure to perform duties under GS 116B-59, and provides that failure to perform duties under that statute are subject to the already-existing civil penalty in this statute.

    Amends a definition within GS 116B-52 to replace a reference to "stock" with a reference to "security."

    Amends GS 116B-53 (Presumptions of abandonment) to replace references to "stock" with references to "security." Makes a conforming change.


  • Summary date: Mar 8 2017 - More information

    Section 1 Repeals SL 2015­68, Section 2 which deleted the provisions in GS 116B­70 that allowed the State Treasurer to dispose of property with no substantial commercial value, retroactively effective October 1, 2015.

    Section 2 further amends GS 116B­70 (regarding the destruction or disposition of property having no substantial or commercial value),  to authorize the Treasurer to destroy or otherwise dispose of stock or other equity interest in a business association, including security entitlements under GS Chapter 25, Article 8, if it has no substantial commercial value as currently authorized for other types of property. Amends the caption for GS 116B­70.

    Section 3 amends GS 116B­59 to further require holders of property presumed abandoned to send the required written notice to the apparent owner of abandoned property for stock or other equity interest in a business association, including a security entitlement under GS Chapter 25, Article 8, valued at $25 or more (currently only required for any property valued at $50 or more). Provides instructions for searching for an updated address if the mailing address is not correct or the holder does not have a mailing address, and for sending written notice to any new address discovered after that search, and directs the holder to also send notice by email to the apparent owner when the apparent owner has consented to receive email from the holder. Requires that the described notice must contain, in addition to the current required information, the amount or value of the property if known, the contact information of the holder, and a statement that, once placed in the custody of the Treasurer, all interest, dividends, income, and gains earned on the property will remain with the Treasurer, even if the owner subsequently reclaims the property from the Treasurer. Enacts new GS 116B­77(c1) to authorize the Treasurer to access a civil penalty of $1,000 for violations of GS 116B­59 by holders, for each day a requirement is not performed, up to a maximum penalty of $25,000, and authorizes the Treasurer to waive interest under GS 116B­77(c1). Effective October 2017, and applicable to property presumed abandoned on or after that date.

    Section 4 amends GS 116B­52(11) to redefine  property  to include money that is held, issued, or owed in the course of a holder's business, or by a government, governmental subdivision, agency or instrumentality, and all income or increments therefrom.

    Except as otherwise indicated, the act is effective when it becomes law.


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