Financial Institutions - Abandoned Property - Notice and Records
Sponsor: Kenneth Kerr (District 3)Committee: Economic MattersSubject: Financial InstitutionsStatus: Third Reading Passed with Amendments (45-0) (as of Nov 6, 2020)
What this bill does
Official synopsis
Requiring the holder of presumed abandoned property valued at $1,000 or more to send certain written notice to the apparent owner by registered mail requiring a signature, rather than by first-class mail; requiring the holder of abandoned property valued at $1,000 or more to keep records relating to that property for at least 3 years; requiring that certain records be sufficient to allow a person who is able to recover the abandoned property to establish a tax basis; etc.
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Analysis reads the bill text, the fiscal note, and the witness list. It is generated by Claude and reviewed by nobody, so check the source documents before you rely on it.
Testimony (5)
MGA witness listFAV 4FavorableFWA 1Favorable with amendments
| Position | Witness | Organization | Testimony |
|---|---|---|---|
| FAV | Delegate Kerr, Delegate Kerrlegislator | Individual | Oral + Written (PDF) |
| FAV | Delegate Kerr, Delegate Kerrlegislator | Individual | Position only |
| FAV | Kerr, Ken | Individual | Position only |
| FAV | RUDINGER, RICK | Individual | Written (PDF) |
| FWA | Sakamoto-Wengel, Steve | Consumer Protection Division | Written (PDF) |