Reading through the newly enacted and revised provisions of the Unclaimed Property Law, I found a couple of issues I would like clarification on.
First, Sec. 67 (2) of Public Act 03-1 regarding "matured" time deposits--is there ever a time when a renewable time deposit would be considered abandoned property? Is there a time limit as to how many times a time deposit can be renewed?
Secondly: from the Holder Outreach Progam under Dormancy Fees, am I reading this correctly that we will no longer be able to charge dormancy fees?

Time depostis become dormant after the first renewal if there has been no customer contact. Example, a five year cd opened in January 2000 will renew in January 2005. With the new three year laws the cd will be escheatable in 2008, if the customer never contacts the insitition after the account opening.

We charge dormancy fees. There was a change or clarification after the information you are refering to was circulated.

Can someone please clarify a couple things for me? We are escheating safe deposit box contents for the first time. We have a total of four bags containing foreign currency, a majority of which is coin. I would say it totals less than 30.00 USD. I emailed the Unclaimed Property Division several times and cannot seem to get anywhere (very vague answers, or no answer at all). All they did was email the same statute that's posted on their website. What I would like to know is if we are required to have an auction for this currency (that sounds ridiculous to me given the dollar amount)? I don't see why I can't just go to another bank that does foreign enchange and just exchange the money. If the other bank won't accept foreign coin, how do I convert it to USD?? In addition, we have a coin set from the US Mint and I am wondering if I can just bring that to a coin dealer, or sell it to an employee (he's a collector)? I read through the statutes and it says nothing about a requirement to have an auction. How do other banks handle this?

Thank you to anyone who can help me with this.

We send all of our escheated safe deposit box contents to auction, B&S Auction Service.

Hi, another CT abandoned property question...I know the law states if we deliver a 1099 INT and it does not get returned undeliverable, then the account is not abnadoned. Can this be interpreted to include monthly statements as well (assuming no 1099 INT since interest less than $10)?

The law is pretty specific about it being a 1099...

I agree it is pretty specific...but I have others "interpreting" that it would include statements.