BILL REQ. #:  H-1150.1 

Read first time 02/13/2007.   Referred to Committee on Finance.

     AN ACT Relating to establishing a minimum period under which a holder of property presumed abandoned shall hold the property between providing notification to the apparent owner of the property and turning over the property to the department of revenue; amending RCW 63.29.170; reenacting and amending RCW 63.29.190; and providing an effective date.

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

Sec. 1   RCW 63.29.170 and 2004 c 168 s 16 are each amended to read as follows:
     (1) A person holding property presumed abandoned and subject to custody as unclaimed property under this chapter shall report to the department 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, the name, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of property with a value of more than fifty dollars presumed abandoned under this chapter;
     (b) In the case of unclaimed funds of more than fifty dollars held or owing under any life or endowment insurance policy or annuity contract, the full name and last known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds;
     (c) In the case of the contents of a safe deposit box or other safekeeping repository or in the case of other tangible property, a description of the property and the place where it is held and where it may be inspected by the department, and any amounts owing to the holder;
     (d) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, but items with a value of fifty dollars or less each may be reported in the aggregate;
     (e) The date the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property; and
     (f) Other information the department prescribes by rule as necessary for the administration of this chapter.
     (3) If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner or the holder has changed his or her name while holding the property, the holder shall file with the report all known names and addresses of each previous holder of the property.
     (4) The report must be filed before November 1st of each year and shall include, except as provided in RCW 63.29.140(3), all property presumed abandoned and subject to custody as unclaimed property under this chapter that is in the holder's possession as of the preceding June 30th. On written request by any person required to file a report, the department may postpone the reporting date.
     (5)(a) After May 1st, but before August 1st, of each year in which a report is required by this section, the holder in possession of property that will be presumed abandoned as of June 30th and subject to custody as unclaimed property under this chapter shall send written notice to the apparent owner at the last known address informing him or her that the holder is in possession of property subject to this chapter if:
     (((a))) (i) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate;
     (((b))) (ii) The claim of the apparent owner is not barred by the statute of limitations; and
     (((c))) (iii) The property has a value of more than seventy-five dollars.
     (b) The written notice to an apparent owner of property that will be presumed abandoned as of June 30th as required in (a) of this subsection must include the date by which the apparent owner may claim the property from the holder in possession. The date by which the apparent owner may claim the property from the holder must be at least sixty calendar days from the date of the written notice required in (a) of this subsection.

Sec. 2   RCW 63.29.190 and 2005 c 502 s 4, 2005 c 367 s 3, and 2005 c 285 s 2 are each reenacted and amended to read as follows:
     (1)(a) Except as otherwise provided in subsections (2) and (3) of this section, a person who is required to file a report under RCW 63.29.170 shall pay or deliver to the department all abandoned property required to be reported at the time of filing the report.
     (b)(i) Except as provided in (b)(ii) of this subsection, after sending written notice to an apparent owner of property as provided in RCW 63.29.170, a person who is required to pay or deliver to the department abandoned property as provided in (a) of this subsection, shall hold the property for at least sixty days before paying or delivering the property to the department.
     (ii) The holding period described in (b)(i) of this subsection must not extend the deadline for filing reports and paying or delivering all abandoned property required to be reported as provided in RCW 63.29.170(4) and (a) of this subsection.
     (2)(a) Counties, cities, towns, and other municipal and quasi-municipal corporations that hold funds representing warrants canceled pursuant to RCW 36.22.100 and 39.56.040, uncashed checks, and property tax overpayments or refunds may retain the funds until the owner notifies them and establishes ownership as provided in RCW 63.29.135. Counties, cities, towns, or other municipal or quasi-municipal corporations shall provide to the department a report of property it is holding pursuant to this section. The report shall identify the property and owner in the manner provided in RCW 63.29.170 and the department shall publish the information as provided in RCW 63.29.180.
     (b)(i) A public transportation authority that holds funds representing value on abandoned fare cards may retain the funds until the owner notifies the authority and establishes ownership as provided in RCW 63.29.135.
     (ii) For the purposes of this subsection (2)(b), "public transportation authority" means a municipality, as defined in RCW 35.58.272, a regional transit authority authorized by chapter 81.112 RCW, a public mass transportation system authorized by chapter 47.60 RCW, or a city transportation authority authorized by chapter 35.95A RCW.
     (3) The contents of a safe deposit box or other safekeeping repository presumed abandoned under RCW 63.29.160 and reported under RCW 63.29.170 shall be paid or delivered to the department within six months after the final date for filing the report required by RCW 63.29.170.
     If the owner establishes the right to receive the abandoned property to the satisfaction of the holder before the property has been delivered or it appears that for some other reason the presumption of abandonment is erroneous, the holder need not pay or deliver the property to the department, and the property will no longer be presumed abandoned. In that case, the holder shall file with the department a verified written explanation of the proof of claim or of the error in the presumption of abandonment.
     (4) The holder of an interest under RCW 63.29.100 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the department. Upon delivery of a duplicate certificate to the department, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with RCW 63.29.200 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the department, for any losses or damages resulting to any person by the issuance and delivery to the department of the duplicate certificate.

NEW SECTION.  Sec. 3   This act takes effect January 1, 2008.