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.