Z-1094               _______________________________________________

                                                   HOUSE BILL NO. 1441

                        _______________________________________________

                                                                            C 084 L 86

State of Washington                              49th Legislature                              1986 Regular Session

By Representatives Appelwick, Hastings and P. King

Read first time 1/15/86 and referred to Committee on Ways & Means.

AN ACT Relating to unclaimed property; and amending RCW 63.29.180.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 18, chapter 179, Laws of 1983 and RCW 63.29.180 are each amended to read as follows:

          (1) The department shall cause a notice to be published not later than March 1, or in the case of property reported by life insurance companies, September 1, immediately following the report required by RCW 63.29.170 at least once a week for two consecutive weeks in a newspaper of general circulation in the county of this state in which is located the last known address of any person to be named in the notice.  If no address is listed or the address is outside this state, the notice must be published in the county in which the holder of the property has its principal place of business within this state.

          (2) The published notice must be entitled "Notice of Names of Persons Appearing to be Owners of Abandoned Property" and contain:

          (a) The names in alphabetical order and last known address, if any, of persons listed in the report and entitled to notice within the county as specified in subsection (1) of this section;

          (b) A statement that information concerning the property and the name and last known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the department; and

          (c) A statement that if proof of claim is not presented by the owner to the holder and the owner's right to receive the property is not established to the holder's satisfaction before April 20, or, in the case of property reported by life insurance companies, before October 20, the property will be placed not later than May 1, or in the case of property reported by life insurance companies, not later than November 1, in the custody of the department and all further claims must thereafter be directed to the department.

          (3) The department is not required to publish in the notice any items of less than ((twenty-five)) seventy-five dollars unless the department considers their publication to be in the public interest.

          (4) Not later than March 1, or in the case of property reported by life insurance companies, not later than September 1, immediately following the report required by RCW 63.29.170, the department shall mail a notice to each person whose last known address is listed in the report and who appears to be entitled to property of the value of ((twenty-five)) seventy-five dollars or more presumed abandoned  under this chapter and any beneficiary of a life or endowment insurance policy or annuity contract for whom the department has a last known address.

          (5) The mailed notice must contain:

          (a) A statement that, according to a report filed with the department, property is being held to which the addressee appears entitled;

          (b) The name and last known address of the person holding the property and any necessary information regarding the changes of name and last known address of the holder; and

          (c) A statement that, if satisfactory proof of claim is not presented by the owner to the holder by the date specified in the published notice, the property will be placed in the custody of the department and all further claims must be directed to the department.

          (6) This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under RCW 63.29.040.                                                                                         Passed the House February 13, 1986.

Speaker of the House.

Passed the Senate March 6, 1986.

President of the Senate.