Today, the Uniform Law Commission ("ULC") voted 49-0 to approve the Revised Uniform Unclaimed Property Act. California abstained, while Missouri, New Jersey, and Puerto Rico were absent from the vote.
The model act will now return to the unclaimed property committee for the reporter to draft the legislative notes. Once the notes are finalized and possible endorsements are sought from the American Bar Association ("ABA") and the National Association of Unclaimed Property Administrators ("NAUPA"), the ULC will begin the process of introducing the act at the state level.
The last Uniform Unclaimed Property Act, approved in 1995, was adopted by only 16 states.