BILL REQ. #:  S-0527.3 

Read first time 02/10/2003.   Referred to Committee on Financial Services, Insurance & Housing.

     AN ACT Relating to reporting abandoned property; and amending RCW 63.29.170 and 63.29.140.

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

Sec. 1   RCW 63.29.170 and 1996 c 45 s 2 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 of the value of ((twenty-five)) one hundred fifty dollars or more presumed abandoned under this chapter;
     (b) In the case of unclaimed funds of ((twenty-five)) one hundred fifty dollars or more 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 of value under ((twenty-five)) one hundred fifty dollars 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, ((he)) the holder shall file with ((his)) 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 all property presumed abandoned and subject to custody as unclaimed property under this chapter in excess of one hundred fifty dollars 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) 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 presumed abandoned and subject to custody as unclaimed property under this chapter shall send written notice to the apparent owner at ((his)) the last known address informing him or her that the holder is in possession of property subject to this chapter if:
     (((i))) (a) The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate((,));
     (((ii))) (b) The claim of the apparent owner is not barred by the statute of limitations((,)); and
     (((iii))) (c) The property has a value of ((seventy-five)) one hundred fifty dollars or more.

Sec. 2   RCW 63.29.140 and 1983 c 179 s 14 are each amended to read as follows:
     (1) A gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than five years after becoming payable or distributable, and is not otherwise void due to an expiration or similar provision, is presumed abandoned.
     (2) In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.
     (3) This section applies to any gift certificate issued in the ordinary course of the issuer's business when the certificate is redeemable in cash. This section does not apply to any gift certificate redeemable for food, products, goods, or services.