Virginia Senate Bill 583 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 9 2008 - 25% progression, died in chamber
Action: 2008-02-04 - Senate: Continued to 2009 in Commerce and Labor by voice vote

Uniform Disposition of Unclaimed Property Act; banks and financial organizations. Reduces the holding period for abandonment for unclaimed property for banks and financial organizations from five years to two years for banks or organizations that deduct a charge or cease to accrue interest because of dormancy or inactivity. The measure also provides that if a holder of the property ceases imposing additional charges or retroactively credits interest on dormant or inactive property for a reason other than to correct a documented internal error, the holder is deemed to have waived its right to impose the charges or cease accruing interest and shall reverse or cancel the charges or retroactively credit interest on accounts reported to the Treasurer. The second provision is stated to be declaratory of existing law.

Unclaimed property; reduces holding period for abandonment for banks & financial organizations.

Sen. Charles Colgan [D]

Date	Chamber	Action
2008-02-04		Senate: Continued to 2009 in Commerce and Labor by voice vote
2008-01-09		Senate: Referred to Committee on Commerce and Labor
2008-01-09		Senate: Prefiled and ordered printed; offered 01/09/08 080765818

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?081+sum+SB583