Posted on Feb 20, 2017 by P.Onukwugha |
Earlier this month, the Tennessee legislature filed two bills for introduction based on the provisions proposed in the 2016 Revised Uniform Unclaimed Property Act (RUUPA). The companion bills H.B. 420 & S.B. 371 institute various changes including adding new unclaimed property types, clarifying current definitions of property, and implementing a streamlined audit process among other measures.
Tennessee seems to be leading the way for states seeking to repeal their current Unclaimed Property Acts and enact RUUPA. Other states include Illinois (H.B. 2603), Utah (S.B. 175), and Nebraska (L.B. 141).
Stay tuned to our blog for further developments and contact us with any questions about the future state of unclaimed property compliance.