5737-SAMHFINH2723.1SSB 5737H COMM AMDBy Committee on FinanceADOPTED 04/17/2003 Strike everything after the enacting clause and insert thefollowing:Sec. RCW 63.29.170 and 1996 c 45 s 2 are each amended to readas follows: (1) A person holding property presumed abandoned and subject tocustody as unclaimed property under this chapter shall report to thedepartment concerning the property as provided in this section. (2) The report must be verified and must include: (a) Except with respect to travelers checks and money orders, thename, if known, and last known address, if any, of each personappearing from the records of the holder to be the owner of property((of the)) with a value of ((twentyfive)) more than fifty dollars ((ormore)) presumed abandoned under this chapter; (b) In the case of unclaimed funds of ((twentyfive)) more thanfifty dollars ((or more)) held or owing under any life or endowmentinsurance policy or annuity contract, the full name and last knownaddress of the insured or annuitant and of the beneficiary according tothe records of the insurance company holding or owing the funds; (c) In the case of the contents of a safe deposit box or othersafekeeping repository or in the case of other tangible property, adescription of the property and the place where it is held and where itmay be inspected by the department, and any amounts owing to theholder; (d) The nature and identifying number, if any, or description ofthe property and the amount appearing from the records to be due, butitems ((of)) with a value ((under twentyfive)) of fifty dollars orless each may be reported in the aggregate; (e) The date the property became payable, demandable, orreturnable, and the date of the last transaction with the apparentowner with respect to the property; and 1 (f) Other information the department prescribes by rule asnecessary for the administration of this chapter. (3) If the person holding property presumed abandoned and subjectto custody as unclaimed property is a successor to other persons whopreviously held the property for the apparent owner or the holder haschanged his or her name while holding the property, ((he)) the holdershall file with ((his)) the report all known names and addresses ofeach previous holder of the property. (4) The report must be filed before November 1st of each year andshall include all property presumed abandoned and subject to custody asunclaimed property under this chapter that is in the holder'spossession as of the preceding June 30th. On written request by anyperson required to file a report, the department may postpone thereporting date. (5) After May 1st, but before August 1st, of each year in which areport is required by this section, the holder in possession ofproperty presumed abandoned and subject to custody as unclaimedproperty under this chapter shall send written notice to the apparentowner at ((his)) the last known address informing him or her that theholder is in possession of property subject to this chapter if: (((i))) (a) The holder has in its records an address for theapparent owner which the holder's records do not disclose to beinaccurate((,)); (((ii))) (b) The claim of the apparent owner is not barred by thestatute of limitations((,)); and (((iii))) (c) The property has a value of ((seventyfive)) morethan seventyfive dollars ((or more)).Sec. RCW 63.29.180 and 1993 c 498 s 9 are each amended to readas follows: (1) The department shall cause a notice to be published not laterthan ((September)) November 1st, immediately following the reportrequired by RCW 63.29.170 ((at least once a week for two consecutiveweeks)) in a newspaper of general circulation in the county of thisstate in which is located the last known address of any person to benamed in the notice. If no address is listed or the address is outside 2 this state, the notice must be published in the county in which theholder of the property has its principal place of business within thisstate. (2) The published notice must be entitled "Notice of Names ofPersons 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 thecounty as specified in subsection (1) of this section; and (b) A statement that information concerning the property and thename and last known address of the holder may be obtained by any personpossessing an interest in the property by addressing an inquiry to thedepartment. (3) The department is not required to publish in the notice anyitems of ((less than seventyfive)) seventyfive dollars or less unlessthe department considers their publication to be in the publicinterest. (4) Not later than September 1st, immediately following the reportrequired by RCW 63.29.170, the department shall mail a notice to eachperson whose last known address is listed in the report and who appearsto be entitled to property ((of the)) with a value of ((seventyfive))more than seventyfive dollars ((or more)) presumed abandoned underthis chapter and any beneficiary of a life or endowment insurancepolicy or annuity contract for whom the department has a last knownaddress. (5) The mailed notice must contain: (a) A statement that, according to a report filed with thedepartment, property is being held to which the addressee appearsentitled; and (b) The name and last known address of the person holding theproperty and any necessary information regarding the changes of nameand last known address of the holder. (6) This section is not applicable to sums payable on travelerschecks, money orders, and other written instruments presumed abandonedunder RCW 63.29.040.--- END --- 3