Delaware Senate Passes Resolution to Create Task Force on Unclaimed Property

BoardroomThe Delaware Senate has passed a resolution that would create a task force to study unclaimed property. The resolution, Senate Concurrent Resolution Number 59, says that a significant number of companies domiciled in Delaware have not met their responsibilities under law to escheat unclaimed property to the State. The Senate would like to study ways, in addition to the current Secretary of State VDA and the Finance Department audits, to bring companies into compliance "that will promote the stability and predictability of this revenue source" and that any efforts should be "fair, efficient and predictable for holders of unclaimed property."

The Unclaimed Property Task Force would be established and empowered to inquire into, examine, study and make findings and recommendations to improve fairness and compliance in the State’s unclaimed property program. The Task Force would be comprised of members representing both the House and Senate majority and minority parties, the Secretaries of State and Finance, Controller General, the Governor, and two members of the public. The Senate is also asking for representatives from certain outside parties, including the Delaware State Bar Association, Delaware State Chamber of Commerce, Delaware Bankers Association, Delaware Business Roundtable, and Uniform Law Commission. The Resolution asks for a report to be submitted no later than November 1, 2014.

The Senate passed the resolution unanimously on June 17, 2014.

The Senate also passed SB 228 on Tuesday with a vote of 20-1. SB 228 would limit penalties and extend the Secretary of State VDA by one year.

Finally, earlier this month the Senate introduced a third bill on unclaimed property, SB 242, which reenforces and strengthens the two year post-employment restriction for state employees working in unclaimed property.

See Also:
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