Learn More - Click Here!

Thread Options
#1940483 - 07/14/14 05:34 PM Unclaimed Property and Escheat Amendement
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
With the governor signing HB 278 (FY 2014-2015 budget bill), PA has reduced the timeframe for escheating abandoned/unclaimed property from five years to three years.

The text of the bill can be found here. Unclaimed property begins on page 10.
Last edited by JacFSB; 07/14/14 05:34 PM. Reason: fix link
Return to Top
#1940633 - 07/14/14 08:03 PM Re: Unclaimed Property and Escheat Amendement JacF
NotDoneYet Offline
Gold Star
NotDoneYet
Joined: Jul 2010
Posts: 482
PA
What is the effective date?
Thank you!

Return to Top
#1940663 - 07/14/14 08:27 PM Re: Unclaimed Property and Escheat Amendement JacF
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
I couldn't find an effective date. But since this is a budget bill for the upcoming fiscal year, that doesn't surprise me.

Since reporting of unclaimed property is an annual event that takes place in the beginning of the new calendar year, I would consider the new timeframes effective when preparing those reports.

Return to Top
#1940817 - 07/15/14 01:16 PM Re: Unclaimed Property and Escheat Amendement JacF
NotDoneYet Offline
Gold Star
NotDoneYet
Joined: Jul 2010
Posts: 482
PA
When I brought my boss up-to-date on this, his response was it can't be effective until it is codified. Not sure I agree with him, so I'll be watching for info from PA Banking.
Thanks!

Return to Top
#1940848 - 07/15/14 01:47 PM Re: Unclaimed Property and Escheat Amendement JacF
SwPa Offline
Junior Member
Joined: Oct 2013
Posts: 25
Ladies and Gentlemen, Section 17 on the last page of Act 126 (a/k/a HB 278) states that "the remainder of this act", which would include the reduction in the timeframe, "shall take effect immediately"...

Return to Top
#1941049 - 07/15/14 04:27 PM Re: Unclaimed Property and Escheat Amendement SwPa
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
Originally Posted By: SwPa
Ladies and Gentlemen, Section 17 on the last page of Act 126 (a/k/a HB 278) states that "the remainder of this act", which would include the reduction in the timeframe, "shall take effect immediately"...

Thanks for finding that! I guess I should not have stopped before getting to the last page...

Return to Top
#1941075 - 07/15/14 05:12 PM Re: Unclaimed Property and Escheat Amendement JacF
NotDoneYet Offline
Gold Star
NotDoneYet
Joined: Jul 2010
Posts: 482
PA
Thank you!

Return to Top
#1943040 - 07/18/14 06:12 PM Re: Unclaimed Property and Escheat Amendement NotDoneYet
KeaneUP Offline
New Poster
Joined: Mar 2012
Posts: 5
These reductions in the dormancy periods will be in place for the Spring 2015 escheat reporting cycle.

Keane Unclaimed Property Blog Pennsylvania Dormancy Period Reductions Effective Immediately
_________________________
Debbie Zumoff
Chief Compliance Officer
Keane Unclaimed Property
www.keaneup.com

Return to Top