1     
UNIFORM UNCLAIMED PROPERTY ACT

2     
2017 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Lyle W. Hillyard

5     
House Sponsor: V. Lowry Snow

6     

7     LONG TITLE
8     General Description:
9          This bill modifies the Unclaimed Property Act.
10     Highlighted Provisions:
11          This bill:
12          ▸     provides and amends definitions;
13          ▸     repeals and reenacts the Revised Uniform Unclaimed Property Act;
14          ▸     amends and enacts provisions addressing the standards for determining when
15     property is abandoned or unclaimed;
16          ▸     amends and enacts provisions addressing the procedures for reporting and
17     submitting abandoned or unclaimed property;
18          ▸     amends and enacts provisions addressing the disposition of abandoned or unclaimed
19     property in the administrator's custody;
20          ▸     amends and enacts provisions addressing procedures and requirements for claiming
21     ownership of abandoned or unclaimed property;
22          ▸     amends and enacts provisions addressing the duties of a holder of abandoned or
23     unclaimed property;
24          ▸     amends and enacts provisions addressing the enforcement of the responsibilities and
25     requirements for abandoned or unclaimed property;
26          ▸     enacts provisions addressing the confidentiality and security of abandoned or
27     unclaimed property reports and information; and
28          ▸     makes technical and conforming changes.
29     Money Appropriated in this Bill:

30          None
31     Other Special Clauses:
32          None
33     Utah Code Sections Affected:
34     AMENDS:
35          31A-4-110, as last amended by Laws of Utah 1995, Chapter 198
36          31A-22-1903, as enacted by Laws of Utah 2015, Chapter 259
37          57-16-14, as enacted by Laws of Utah 2001, Chapter 256
38          78B-6-816, as last amended by Laws of Utah 2013, Chapter 206
39     ENACTS:
40          67-4a-104, Utah Code Annotated 1953
41          67-4a-304, Utah Code Annotated 1953
42          67-4a-305, Utah Code Annotated 1953
43          67-4a-306, Utah Code Annotated 1953
44          67-4a-307, Utah Code Annotated 1953
45          67-4a-503, Utah Code Annotated 1953
46          67-4a-504, Utah Code Annotated 1953
47          67-4a-603, Utah Code Annotated 1953
48          67-4a-604, Utah Code Annotated 1953
49          67-4a-605, Utah Code Annotated 1953
50          67-4a-606, Utah Code Annotated 1953
51          67-4a-607, Utah Code Annotated 1953
52          67-4a-608, Utah Code Annotated 1953
53          67-4a-609, Utah Code Annotated 1953
54          67-4a-610, Utah Code Annotated 1953
55          67-4a-803, Utah Code Annotated 1953
56          67-4a-804, Utah Code Annotated 1953
57          67-4a-903, Utah Code Annotated 1953

58          67-4a-904, Utah Code Annotated 1953
59          67-4a-905, Utah Code Annotated 1953
60          67-4a-906, Utah Code Annotated 1953
61          67-4a-1001, Utah Code Annotated 1953
62          67-4a-1002, Utah Code Annotated 1953
63          67-4a-1003, Utah Code Annotated 1953
64          67-4a-1004, Utah Code Annotated 1953
65          67-4a-1005, Utah Code Annotated 1953
66          67-4a-1006, Utah Code Annotated 1953
67          67-4a-1007, Utah Code Annotated 1953
68          67-4a-1008, Utah Code Annotated 1953
69          67-4a-1009, Utah Code Annotated 1953
70          67-4a-1010, Utah Code Annotated 1953
71          67-4a-1011, Utah Code Annotated 1953
72          67-4a-1101, Utah Code Annotated 1953
73          67-4a-1102, Utah Code Annotated 1953
74          67-4a-1103, Utah Code Annotated 1953
75          67-4a-1104, Utah Code Annotated 1953
76          67-4a-1201, Utah Code Annotated 1953
77          67-4a-1202, Utah Code Annotated 1953
78          67-4a-1203, Utah Code Annotated 1953
79          67-4a-1204, Utah Code Annotated 1953
80          67-4a-1205, Utah Code Annotated 1953
81          67-4a-1206, Utah Code Annotated 1953
82          67-4a-1301, Utah Code Annotated 1953
83          67-4a-1302, Utah Code Annotated 1953
84          67-4a-1303, Utah Code Annotated 1953
85          67-4a-1401, Utah Code Annotated 1953

86          67-4a-1402, Utah Code Annotated 1953
87          67-4a-1403, Utah Code Annotated 1953
88          67-4a-1404, Utah Code Annotated 1953
89          67-4a-1405, Utah Code Annotated 1953
90          67-4a-1406, Utah Code Annotated 1953
91          67-4a-1407, Utah Code Annotated 1953
92          67-4a-1408, Utah Code Annotated 1953
93          67-4a-1501, Utah Code Annotated 1953
94          67-4a-1502, Utah Code Annotated 1953
95          67-4a-1503, Utah Code Annotated 1953
96          67-4a-1504, Utah Code Annotated 1953
97     REPEALS AND REENACTS:
98          67-4a-101, as enacted by Laws of Utah 1995, Chapter 198
99          67-4a-102, as last amended by Laws of Utah 2010, Chapter 218
100          67-4a-103, as enacted by Laws of Utah 1995, Chapter 198
101          67-4a-201, as last amended by Laws of Utah 2007, Chapter 18
102          67-4a-202, as enacted by Laws of Utah 1995, Chapter 198
103          67-4a-203, as last amended by Laws of Utah 2007, Chapter 18
104          67-4a-204, as last amended by Laws of Utah 2007, Chapter 18
105          67-4a-205, as last amended by Laws of Utah 2007, Chapter 18
106          67-4a-206, as enacted by Laws of Utah 1995, Chapter 198
107          67-4a-207, as enacted by Laws of Utah 1995, Chapter 198
108          67-4a-208, as last amended by Laws of Utah 2007, Chapter 18
109          67-4a-209, as last amended by Laws of Utah 2007, Chapter 18
110          67-4a-301, as last amended by Laws of Utah 2007, Chapter 18
111          67-4a-302, as last amended by Laws of Utah 2007, Chapter 18
112          67-4a-303, as enacted by Laws of Utah 1995, Chapter 198
113          67-4a-401, as enacted by Laws of Utah 1995, Chapter 198

114          67-4a-402, as last amended by Laws of Utah 2009, Chapter 388
115          67-4a-403, as last amended by Laws of Utah 2009, Chapter 388
116          67-4a-404, as enacted by Laws of Utah 1995, Chapter 198
117          67-4a-405, as last amended by Laws of Utah 2008, Chapter 339
118          67-4a-501, as enacted by Laws of Utah 1995, Chapter 198
119          67-4a-502, as enacted by Laws of Utah 1995, Chapter 198
120          67-4a-601, as last amended by Laws of Utah 2007, Chapter 18
121          67-4a-602, as enacted by Laws of Utah 1995, Chapter 198
122          67-4a-701, as last amended by Laws of Utah 2007, Chapter 18
123          67-4a-702, as enacted by Laws of Utah 1995, Chapter 198
124          67-4a-703, as last amended by Laws of Utah 2008, Chapter 382
125          67-4a-704, as enacted by Laws of Utah 1995, Chapter 198
126          67-4a-705, as enacted by Laws of Utah 1995, Chapter 198
127          67-4a-801, as enacted by Laws of Utah 1995, Chapter 198
128          67-4a-802, as enacted by Laws of Utah 1995, Chapter 198
129          67-4a-901, as enacted by Laws of Utah 1995, Chapter 198
130          67-4a-902, as enacted by Laws of Utah 1995, Chapter 198
131     REPEALS:
132          67-4a-210, as last amended by Laws of Utah 2005, Chapter 156
133          67-4a-211, as last amended by Laws of Utah 2009, Chapter 343
134          67-4a-212, as enacted by Laws of Utah 1995, Chapter 198
135          67-4a-213, as enacted by Laws of Utah 1995, Chapter 198
136          67-4a-214, as last amended by Laws of Utah 2007, Chapter 18
137     

138     Be it enacted by the Legislature of the state of Utah:
139          Section 1. Section 31A-4-110 is amended to read:
140          31A-4-110. Duty of insurers to report abandoned property.
141          All insurers doing business in Utah shall report under Section [67-4a-301] 67-4a-401

142     any property presumed abandoned under Title 67, Chapter 4a, Part 2, [Standards for
143     Determining When Property Is Abandoned or Unclaimed] Presumption of Abandonment .
144          Section 2. Section 31A-22-1903 is amended to read:
145          31A-22-1903. Insurer conduct.
146          (1) An insurer shall perform a comparison of its insureds' in-force policies, contracts,
147     and retained asset accounts against a death master file, on at least a semi-annual basis, by using
148     the full death master file once and thereafter using the death master file update files for future
149     comparisons to identify potential matches of its insureds. For those potential matches
150     identified as a result of a death master file match:
151          (a) The insurer shall within 90 days of a death master file match:
152          (i) complete a good faith effort, that the insurer documents, to confirm the death of the
153     insured or retained asset account holder against other available records and information; and
154          (ii) determine whether benefits are due in accordance with the applicable policy or
155     contract, and if benefits are due in accordance with the applicable policy or contract:
156          (A) use good faith efforts, that the insurer documents, to locate the beneficiary or
157     beneficiaries; and
158          (B) provide the appropriate claims forms or instructions to the beneficiary or
159     beneficiaries to make a claim including the need to provide an official death certificate, if
160     applicable under the policy or contract.
161          (b) With respect to group life insurance, an insurer shall confirm the possible death of
162     an insured when the insurer maintains at least the following information of those covered under
163     a policy or certificate:
164          (i) social security number, or name and date of birth;
165          (ii) beneficiary designation information;
166          (iii) coverage eligibility;
167          (iv) benefit amount; and
168          (v) premium payment status.
169          (c) An insurer shall implement procedures to account for:

170          (i) initials used in lieu of a first or middle name, use of a middle name, compound first
171     and middle names, and interchanged first and middle names;
172          (ii) compound last names, hyphens, and blank spaces or apostrophes in last names; and
173          (iii) transposition of the "month" and "date" portions of the date of birth.
174          (d) To the extent permitted by law, the insurer may disclose minimum necessary
175     personal information about the insured or beneficiary to a person who the insurer reasonably
176     believes may be able to assist the insurer locate the beneficiary or a person otherwise entitled to
177     payment of the claims proceeds.
178          (2) (a) An insurer that has not engaged in asymmetric conduct before July 1, 2015, is
179     not required to comply with the requirements of this section with respect to a policy, annuity,
180     or retained asset account issued or delivered before July 1, 2015.
181          (b) Notwithstanding Subsection (2)(a), an insurer, regardless of whether it has engaged
182     in asymmetric conduct, shall comply with the requirements of this section for a policy, annuity,
183     or retained asset account issued on or after July 1, 2015.
184          (3) An insurer or the insurer's service provider may not charge a beneficiary or other
185     authorized representative for fees or costs associated with a death master file search or
186     verification of a death master file match conducted pursuant to this section.
187          (4) The benefits from a policy, contract, or retained asset account, plus any applicable
188     accrued contractual interest shall first be payable to the designated beneficiaries or owners and
189     in the event said beneficiaries or owners can not be found, shall be transferred to the state as
190     unclaimed property pursuant to [Section 67-4a-205] Subsection 67-4a-201(7) . Interest payable
191     under Section 31A-22-428 may not be payable as unclaimed property under [Section
192     67-4a-205] Subsection 67-4a-201(7) .
193          (5) An insurer shall notify the administrator upon the expiration of the statutory
194     holding period under [Section 67-4a-205] Subsection 67-4a-201(7) that:
195          (a) a policy, contract beneficiary, or retained asset account holder has not submitted a
196     claim with the insurer; and
197          (b) the insurer has complied with Subsection (1) and has been unable, after good faith

198     efforts documented by the insurer, to contact the retained asset account holder, beneficiary, or
199     beneficiaries.
200          (6) Upon such notice, an insurer shall immediately submit the unclaimed policy or
201     contract benefits or unclaimed retained asset accounts, plus any applicable accrued interest, to
202     the administrator.
203          Section 3. Section 57-16-14 is amended to read:
204          57-16-14. Abandoned premises -- Retaking by owner -- Liability of resident or
205     occupant -- Personal property of resident or occupant left on mobile home space.
206          (1) In the event of abandonment under Section 57-16-13, the park may retake the
207     mobile home space and attempt to relet the space at a fair rental value. The resident or
208     occupant who abandoned the premises is liable:
209          (a) for the entire rent, service charges, and fees that would otherwise be due until the
210     premise is relet or for a period not to exceed 90 days, whichever comes first; and
211          (b) any costs incurred by the park necessary to relet the mobile home space at fair
212     market value, including the costs of:
213          (i) moving the mobile home from the mobile home space;
214          (ii) storing the mobile home; and
215          (iii) restoring the mobile home space to a reasonable condition, including the cost of
216     replacing or repairing landscaping that was damaged by the resident or occupant.
217          (2) (a) If the resident or occupant has abandoned the mobile home space, the mobile
218     home, or both, and has left personal property, including the mobile home, on the mobile home
219     space, the park is entitled to remove the property from the mobile home space, store it for the
220     resident or occupant, and recover actual moving and storage costs from the resident, the
221     occupant, or both. With respect to the mobile home, however, the park may elect to contact the
222     lienholder under Section 57-16-9, or to store the mobile home on the mobile home space, while
223     attempting to notify the resident or occupant under Subsection (2)(b)(i).
224          (b) (i) The park shall make reasonable efforts to notify the resident or occupant of the
225     location of the personal property, and that the personal property will be sold at the expiration of

226     30 days if not redeemed and removed by the resident or occupant. Reasonable efforts require
227     that the park send written notice by regular mail to the resident or occupant at the [last-known]
228     last known address within the park if the park is unaware of any subsequent address. To
229     redeem the personal property, the resident or occupant is required to pay the reasonable storage
230     and moving charges.
231          (ii) If the personal property has been in storage for over 30 days, notice has been given
232     as required by Subsection (2)(b)(i), and the resident or occupant has made no reasonable effort
233     to recover the personal property, the park may:
234          (A) sell the personal property and apply the proceeds toward any amount the resident
235     or occupant owes; or
236          (B) donate the personal property to charity or dispose of the property.
237          (c) Any excess money from the sale of the personal property, including the mobile
238     home, shall be handled as specified in Title 67, Chapter 4a, Part 2, [Standards for Determining
239     When Property Is Abandoned or Unclaimed] Presumption of Abandonment .
240          (d) Nothing contained in this chapter shall be in derogation of or alter the owner's
241     rights under Title 38, Chapter 3, Lessors' Liens.
242          Section 4. Section 67-4a-101 is repealed and reenacted to read:
243     
CHAPTER 4a. REVISED UNIFORM UNCLAIMED PROPERTY ACT

244     
Part 1. General Provisions

245          67-4a-101. Title.
246          This chapter is known as the "Revised Uniform Unclaimed Property Act."
247          Section 5. Section 67-4a-102 is repealed and reenacted to read:
248          67-4a-102. Definitions.
249          As used in this chapter:
250          (1) "Administrator" means the deputy state treasurer assigned by the state treasurer.
251          (2) (a) "Administrator's agent" means a person with which the administrator contracts
252     to conduct an examination under Part 10, Verified Report of Property and Examination of
253     Records, on behalf of the administrator.

254          (b) "Adminstrator's agent" includes an independent contractor of the person and each
255     individual participating in the examination on behalf of the person or contractor.
256          (3) "Apparent owner" means a person whose name appears on the records of a holder
257     as the owner of property held, issued, or owing by the holder.
258          (4) (a) "Bank draft" means a check, draft, or similar instrument on which a banking or
259     financial organization is directly liable.
260          (b) "Bank draft" includes:
261          (i) a cashier's check; and
262          (ii) a certified check.
263          (c) "Bank draft" does not include:
264          (i) a traveler's check; or
265          (ii) a money order.
266          (5) "Banking organization" means:
267          (a) a bank;
268          (b) an industrial bank;
269          (c) a trust company;
270          (d) a savings bank; or
271          (e) any organization defined by other law as a bank or banking organization.
272          (6) "Business association" means a corporation, joint stock company, investment
273     company other than an investment company registered under the Investment Company Act of
274     1940, partnership, unincorporated association, joint venture, limited liability company,
275     business trust, trust company, land bank, safe deposit company, safekeeping depository,
276     financial organization, banking organization, insurance company, federally chartered entity,
277     utility, sole proprietorship, or other business entity, whether or not for profit.
278          (7) "Cashier's check" means a check that:
279          (a) is drawn by a banking organization on itself;
280          (b) is signed by an officer of the banking organization; and
281          (c) authorizes payment of the amount shown on the check's face to the payee.

282          (8) "Class action" means a legal action:
283          (a) certified by the court as a class action; or
284          (b) treated by the court as a class action without being formally certified as a class
285     action.
286          (9) "Confidential information" means records, reports, and information that is
287     confidential under Section 67-4a-1402.
288          (10) (a) "Deposit in a financial institution" means a demand, savings, or matured time
289     deposit with a banking or financial organization.
290          (b) "Deposit in a financial institution" includes:
291          (i) any interest or dividends on a deposit; and
292          (ii) a deposit that is automatically renewable.
293          (11) "Domicile" means:
294          (a) for a corporation, the state of the corporation's incorporation;
295          (b) for a business association other than a corporation, whose formation requires a
296     filing with a state, the state of the business association's filing;
297          (c) for a federally chartered entity or an investment company registered under the
298     Investment Company Act of 1940, the state of the entity's or company's home office; and
299          (d) for any other holder, the state of the holder's principal place of business.
300          (12) "Electronic" means relating to technology having electrical, digital, magnetic,
301     wireless, optical, electromagnetic, or similar capabilities.
302          (13) "Electronic mail" means a communication by electronic means that is
303     automatically retained and stored and may be readily accessed or retrieved.
304          (14) "Financial organization" means:
305          (a) a savings and loan association; or
306          (b) a credit union.
307          (15) (a) "Game-related digital content" means digital content that exists only in an
308     electronic game or electronic-game platform.
309          (b) "Game-related digital content" includes:

310          (i) game-play currency, including a virtual wallet, even if denominated in United States
311     currency; and
312          (ii) the following, if for use or redemption only within the game or platform or another
313     electronic game or electronic-game platform:
314          (A) points sometimes referred to as gems, tokens, gold, and similar names; and
315          (B) digital codes.
316          (c) "Game-related digital content" does not include an item that the issuer:
317          (i) permits to be redeemed for use outside a game or platform for:
318          (A) money; or
319          (B) goods or services that have more than minimal value; or
320          (ii) otherwise monetizes for use outside a game or platform.
321          (16) "Gift card" means a payment device such as a plastic card that:
322          (a) is usable at:
323          (i) a single merchant;
324          (ii) an affiliated group of merchants; or
325          (iii) multiple, unaffiliated merchants;
326          (b) contains a means for the electronic storage of information including:
327          (i) a microprocessor chip;
328          (ii) a magnetic stripe; or
329          (iii) a bar code;
330          (c) is prefunded before it is used, whether or not money may be added to the payment
331     device after it is used; and
332          (d) is redeemable for goods or services.
333          (17) "Holder" means a person obligated to hold for the account of, or to deliver or pay
334     to, the owner property subject to this chapter.
335          (18) "Insurance company" means an association, corporation, or fraternal or mutual
336     benefit organization, whether or not for profit, engaged in the business of providing life
337     endowments, annuities, or insurance, including:

338          (a) accident insurance;
339          (b) burial insurance;
340          (c) casualty insurance;
341          (d) credit life insurance;
342          (e) contract performance insurance;
343          (f) dental insurance;
344          (g) disability insurance;
345          (h) fidelity insurance;
346          (i) fire insurance;
347          (j) health insurance;
348          (k) hospitalization insurance;
349          (l) illness insurance;
350          (m) life insurance, including endowments and annuities;
351          (n) malpractice insurance;
352          (o) marine insurance;
353          (p) mortgage insurance;
354          (q) surety insurance;
355          (r) wage protection insurance; and
356          (s) worker compensation insurance.
357          (19) "Last known address" means a description of the location of the apparent owner
358     sufficient for the purpose of the delivery of mail.
359          (20) (a) "Loyalty card" means a record given without direct monetary consideration
360     under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be
361     used or redeemed only to obtain goods or services or a discount on goods or services.
362          (b) "Loyalty card" does not include a record that may be redeemed for money or
363     otherwise monetized by the issuer.
364          (21) (a) "Mineral" means any substance that is ordinarily and naturally considered a
365     mineral, regardless of the depth at which the substance is found.

366          (b) "Mineral" includes:
367          (i) building stone;
368          (ii) cement material;
369          (iii) chemical raw material;
370          (iv) coal;
371          (v) colloidal and other clay;
372          (vi) fissionable and nonfissionable ore;
373          (vii) gas;
374          (viii) gemstone;
375          (ix) gravel;
376          (x) lignite;
377          (xi) oil;
378          (xii) oil shale;
379          (xiii) other gaseous liquid or solid hydrocarbon;
380          (xiv) road material;
381          (xv) sand;
382          (xvi) steam and other geothermal resources;
383          (xvii) sulphur; and
384          (xviii) uranium.
385          (22) (a) "Mineral proceeds" means an amount payable:
386          (i) for extraction, production, or sale of minerals; or
387          (ii) for the abandonment of an interest in minerals.
388          (b) "Mineral proceeds" includes an amount payable:
389          (i) for the acquisition and retention of a mineral lease, including a bonus, royalty,
390     compensatory royalty, shut-in royalty, minimum royalty, or delay rental;
391          (ii) for the extraction, production, or sale of minerals, including a net revenue interest,
392     royalty, overriding royalty, extraction payment, or production payment; and
393          (iii) under an agreement or option, including a joint-operating agreement, unit

394     agreement, pooling agreement, and farm-out agreement.
395          (23) (a) "Money order" means a payment order for a specified amount of money.
396          (b) "Money order" includes an express money order and a personal money order on
397     which the remitter is the purchaser.
398          (c) "Money order" does not include a cashier's check.
399          (24) "Municipal bond" means a bond or evidence of indebtedness issued by a
400     municipality or other political subdivision of a state.
401          (25) (a) "Nonfreely transferable security" means a security that cannot be delivered to
402     the administrator by the Depository Trust Clearing Corporation or a similar custodian of
403     securities providing post-trade clearing and settlement services to financial markets or cannot
404     be delivered because there is no agent to effect transfer.
405          (b) "Nonfreely transferable security" includes a worthless security.
406          (26) (a) "Owner" means a person that has a legal, beneficial, or equitable interest in
407     property subject to this chapter or the person's legal representative when acting on behalf of the
408     owner.
409          (b) "Owner" includes:
410          (i) a depositor, for a deposit;
411          (ii) a beneficiary, for a trust other than a deposit in trust;
412          (iii) a creditor, claimant, or payee, for other property; and
413          (iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing
414     of value.
415          (27) "Person" means:
416          (a) an individual;
417          (b) an estate;
418          (c) a business association;
419          (d) a public corporation;
420          (e) a government entity;
421          (f) an agency;

422          (g) a trust;
423          (h) an instrumentality; or
424          (i) any other legal or commercial entity.
425          (28) (a) "Property" means tangible property described in Section 67-4a-205 or a fixed
426     and certain interest in intangible property held, issued, or owed in the course of a holder's
427     business or by a government entity.
428          (b) "Property" includes:
429          (i) all income from or increments to the property;
430          (ii) property referred to as or evidenced by:
431          (A) money, virtual currency, interest, or a dividend, check, draft, or deposit;
432          (B) a credit balance, customer's overpayment, security deposit, refund, credit
433     memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a
434     refund, mineral proceeds, or unidentified remittance; and
435          (C) a security except for:
436          (I) a worthless security; or
437          (II) a security that is subject to a lien, legal hold, or restriction evidenced on the records
438     of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the
439     holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
440          (iii) a bond, debenture, note, or other evidence of indebtedness;
441          (iv) money deposited to redeem a security, make a distribution, or pay a dividend;
442          (v) an amount due and payable under an annuity contract or insurance policy;
443          (vi) an amount distributable from a trust or custodial fund established under a plan to
444     provide health, welfare, pension, vacation, severance, retirement, death, stock purchase,
445     profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit;
446     and
447          (vii) an amount held under a preneed funeral or burial contract, other than a contract
448     for burial rights or opening and closing services, where the contract has not been serviced
449     following the death or the presumed death of the beneficiary.

450          (c) "Property" does not include:
451          (i) property held in a plan described in Section 529A, Internal Revenue Code;
452          (ii) game-related digital content;
453          (iii) a loyalty card;
454          (iv) an in-store credit for returned merchandise; or
455          (v) a gift card.
456          (29) "Putative holder" means a person believed by the administrator to be a holder,
457     until:
458          (a) the person pays or delivers to the administrator property subject to this chapter; or
459          (b) the administrator or a court makes a final determination that the person is or is not a
460     holder.
461          (30) "Record" means information that is inscribed on a tangible medium or that is
462     stored in an electronic or other medium and is retrievable in perceivable form.
463          (31) "Security" means:
464          (a) a security as defined in Revised Article 8 of the Uniform Commercial Code; or
465          (b) a security entitlement as defined in Revised Article 8 of the Uniform Commercial
466     Code, including a customer security account held by a registered broker-dealer, to the extent
467     the financial assets held in the security account are not:
468          (i) registered on the books of the issuer in the name of the person for which the
469     broker-dealer holds the assets;
470          (ii) payable to the order of the person;
471          (iii) specifically endorsed to the person; or
472          (iv) an equity interest in a business association not included in this Subsection (31).
473          (32) "Sign" means, with present intent to authenticate or adopt a record:
474          (a) to execute or adopt a tangible symbol; or
475          (b) to attach to or logically associate with the record an electronic symbol, sound, or
476     process.
477          (33) "State" means a state of the United States, the District of Columbia, the

478     Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular
479     possession subject to the jurisdiction of the United States.
480          (34) "Utility" means a person that owns or operates for public use a plant, equipment,
481     real property, franchise, or license for:
482          (a) the transmission of communications or information;
483          (b) the production, storage, transmission, sale, delivery, or furnishing of electricity,
484     water, steam, or gas; or
485          (c) the provision of sewage or septic services, or trash, garbage, or recycling disposal.
486          (35) (a) "Virtual currency" means a digital representation of value used as a medium of
487     exchange, unit of account, or store of value, which does not have legal tender status recognized
488     by the United States.
489          (b) "Virtual currency" does not include:
490          (i) the software or protocols governing the transfer of the digital representation of
491     value;
492          (ii) game-related digital content;
493          (iii) a loyalty card;
494          (iv) membership rewards; or
495          (v) a gift card.
496          (36) "Worthless security" means a security whose cost of liquidation and delivery to
497     the administrator would exceed the value of the security on the date a report is due under this
498     chapter.
499          Section 6. Section 67-4a-103 is repealed and reenacted to read:
500          67-4a-103. Inapplicability to foreign transaction.
501          This chapter does not apply to property held, due, and owing in a foreign country if the
502     transaction out of which the property arose was a foreign transaction.
503          Section 7. Section 67-4a-104 is enacted to read:
504          67-4a-104. Rulemaking.
505          (1) The administrator may adopt rules to implement and administer this chapter.

506          (2) The administrator shall follow the notice, hearing, and publication requirements of
507     Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
508          Section 8. Section 67-4a-201 is repealed and reenacted to read:
509     
Part 2. Presumption of Abandonment

510          67-4a-201. When property presumed abandoned.
511          Subject to Section 67-4a-208, the following property is presumed abandoned if the
512     property is unclaimed by the apparent owner during the period specified below:
513          (1) a traveler's check, 15 years after issuance;
514          (2) a money order, seven years after issuance;
515          (3) a state or municipal bond, bearer bond, or original-issue-discount bond, three years
516     after the earliest of the date the bond matures or is called or the obligation to pay the principal
517     of the bond arises;
518          (4) a debt of a business association, three years after the obligation to pay arises;
519          (5) a demand, savings, or time deposit, including a deposit that is automatically
520     renewable, three years after the earlier of maturity or the date of the last indication of interest in
521     the property by the apparent owner, except a deposit that is automatically renewable is
522     considered matured on the deposit's initial date of maturity unless the apparent owner
523     consented in a record on file with the holder to renewal at or about the time of the renewal;
524          (6) money or a credit owed to a customer as a result of a retail business transaction,
525     other than in-store credit for returned merchandise, three years after the obligation arose;
526          (7) an amount owed by an insurance company on a life or endowment insurance policy
527     or an annuity contract that has matured or terminated, three years after the obligation to pay
528     arose under the terms of the policy or contract or, if a policy or contract for which an amount is
529     owed on proof of death has not matured, by proof of the death of the insured or annuitant, as
530     follows:
531          (a) with respect to an amount owed on a life or endowment insurance policy, the earlier
532     of:
533          (i) three years after the policy insurer validates knowledge of the death of the insured;

534     or
535          (ii) three years after the insured has attained, or would have attained if living, the
536     limiting age under the mortality table on which the reserve for the policy is based; and
537          (b) with respect to an amount owed on an annuity contract, three years after the date
538     the annuity contract insurer validates knowledge of the death of the annuitant;
539          (8) property distributable by a business association in the course of dissolution, one
540     year after the property becomes distributable;
541          (9) property held by a court, including property received as proceeds of a class action,
542     one year after the property becomes distributable;
543          (10) property held by a government or governmental subdivision, agency, or
544     instrumentality, including municipal bond interest and unredeemed principal under the
545     administration of a paying agent or indenture trustee, one year after the property becomes
546     distributable;
547          (11) wages, commissions, bonuses, or reimbursements to which an employee is
548     entitled, or other compensation for personal services, one year after the amount becomes
549     payable;
550          (12) a deposit or refund owed to a subscriber by a utility, one year after the deposit or
551     refund becomes payable; and
552          (13) property not specified in this section or Sections 67-4a-202 through 67-4a-206, the
553     earlier of three years after the owner first has a right to demand the property or the obligation to
554     pay or distribute the property arises.
555          Section 9. Section 67-4a-202 is repealed and reenacted to read:
556          67-4a-202. When tax-deferred retirement account presumed abandoned.
557          (1) Subject to Section 67-4a-208, property held in a pension account or retirement
558     account that qualifies for tax deferral under the income tax laws of the United States is
559     presumed abandoned if the property is unclaimed by the apparent owner three years after:
560          (a) the later of the following dates:
561          (i) except as in Subsection (1)(a)(ii), the date a communication sent by the holder by

562     first-class United States mail to the apparent owner is returned to the holder undelivered by the
563     United States Postal Service; or
564          (ii) if a communication under Subsection (1)(a)(i) is re-sent within 30 days after the
565     date the first communication is returned undelivered, the date the second communication was
566     returned undelivered by the United States Postal Service; or
567          (b) the earlier of the following dates:
568          (i) the date the apparent owner becomes 70.5 years of age, if determinable by the
569     holder; or
570          (ii) if the Internal Revenue Code, Sec. 1 et seq., requires distribution to avoid a tax
571     penalty, two years after the date the holder:
572          (A) receives confirmation of the death of the apparent owner in the ordinary course of
573     the holder's business; or
574          (B) confirms the death of the apparent owner under Subsection (2).
575          (2) If a holder in the ordinary course of the holder's business receives notice or an
576     indication of the death of an apparent owner and Subsection (1)(b) applies, the holder shall
577     attempt not later than 90 days after receipt of the notice or indication to confirm whether the
578     apparent owner is deceased.
579          (3) (a) Subject to Subsection (3)(b), if the holder does not send communications to the
580     apparent owner of an account described in Subsection (1) by first-class United States mail on at
581     least an annual basis, the holder shall attempt to confirm the apparent owner's interest in the
582     property by sending the apparent owner an electronic mail communication not later than two
583     years after the apparent owner's last indication of interest in the property.
584          (b) The holder shall promptly attempt to contact the apparent owner by first-class
585     United States mail if:
586          (i) the holder does not have information needed to send the apparent owner an
587     electronic mail communication or the holder believes that the apparent owner's electronic mail
588     address in the holder's records is not valid;
589          (ii) the holder receives notification that the electronic mail communication was not

590     received; or
591          (iii) the apparent owner does not respond to the electronic mail communication within
592     30 days after the communication was sent.
593          (4) If first-class United States mail sent under Subsection (3) is returned to the holder
594     undelivered by the United States Postal Service, the property is presumed abandoned three
595     years after the later of:
596          (a) except as in Subsection (4)(b), the date a communication to contact the apparent
597     owner sent by first-class United States mail is returned to the holder undelivered;
598          (b) if the communication under Subsection (4)(a) is re-sent within 30 days after the
599     date the first communication is returned undelivered, the date the second communication was
600     returned undelivered; or
601          (c) the date established by Subsection (1)(b).
602          Section 10. Section 67-4a-203 is repealed and reenacted to read:
603          67-4a-203. When other tax-deferred account presumed abandoned.
604          Subject to Section 67-4a-208 and except for property described in Section 67-4a-202
605     and property held in a plan described in Section 529A, Internal Revenue Code, property held in
606     an account or plan, including a health savings account, that qualifies for tax deferral under the
607     income tax laws of the United States is presumed abandoned if the property is unclaimed by
608     the apparent owner three years after the earlier of:
609          (1) the date, if determinable by the holder, specified in the income tax laws and
610     regulations of the United States by which distribution of the property must begin to avoid a tax
611     penalty, with no distribution having been made; or
612          (2) 30 years after the date the account was opened.
613          Section 11. Section 67-4a-204 is repealed and reenacted to read:
614          67-4a-204. When custodial account for minor presumed abandoned.
615          (1) Subject to Section 67-4a-208, property held in an account established under a state's
616     Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned if the
617     property is unclaimed by or on behalf of the minor on whose behalf the account was opened

618     three years after the later of:
619          (a) except as in Subsection (1)(b), the date a communication sent by the holder by
620     first-class United States mail to the custodian of the minor on whose behalf the account was
621     opened is returned undelivered to the holder by the United States Postal Service;
622          (b) if communication is re-sent within 30 days after the date the first communication
623     under Subsection (1)(a) is returned undelivered, the date the second communication was
624     returned undelivered; or
625          (c) the date on which the custodian is required to transfer the property to the minor or
626     the minor's estate in accordance with the Uniform Gifts to Minors Act or Uniform Transfers to
627     Minors Act of the state in which the account was opened.
628          (2) (a) Subject to Subsection (2)(b), if the holder does not send communications to the
629     custodian of the minor on whose behalf an account described in Subsection (1) was opened by
630     first-class United States mail on at least an annual basis, the holder shall attempt to confirm the
631     custodian's interest in the property by sending the custodian an electronic mail communication
632     not later than two years after the custodian's last indication of interest in the property.
633          (b) The holder shall promptly attempt to contact the custodian by first-class United
634     States mail if:
635          (i) the holder does not have information needed to send the custodian an electronic
636     mail communication or the holder believes that the custodian's electronic mail address in the
637     holder's records is not valid;
638          (ii) the holder receives notification that the electronic mail communication was not
639     received; or
640          (iii) the custodian does not respond to the electronic mail communication within 30
641     days after the communication was sent.
642          (3) If first-class United States mail sent under Subsection (2) is returned undelivered to
643     the holder by the United States Postal Service, the property is presumed abandoned three years
644     after the later of:
645          (a) the date a second consecutive communication to contact the custodian by first-class

646     United States mail is returned to the holder undelivered by the United States Postal Service; or
647          (b) the date established by Subsection (1)(c).
648          (4) When the property in the account described in Subsection (1) is transferred to the
649     minor on whose behalf an account was opened or to the minor's estate, the property in the
650     account is no longer subject to this section.
651          Section 12. Section 67-4a-205 is repealed and reenacted to read:
652          67-4a-205. When contents of safe-deposit box presumed abandoned.
653          Tangible property held in a safe-deposit box and proceeds from a sale of the property by
654     the holder permitted by law of this state other than this chapter are presumed abandoned if the
655     property remains unclaimed by the apparent owner five years after the earlier of the:
656          (1) expiration of the lease or rental period for the box; or
657          (2) earliest date when the lessor of the box is authorized by law of this state other than
658     this chapter to enter the box and remove or dispose of the contents without consent or
659     authorization of the lessee.
660          Section 13. Section 67-4a-206 is repealed and reenacted to read:
661          67-4a-206. When security presumed abandoned.
662          (1) Subject to Section 67-4a-208, a security is presumed abandoned three years after:
663          (a) the date a second consecutive communication sent by the holder by first-class
664     United States mail to the apparent owner is returned to the holder undelivered by the United
665     States Postal Service; or
666          (b) if the second communication is made later than 30 days after the first
667     communication is returned, the date the first communication is returned undelivered to the
668     holder by the United States Postal Service.
669          (2) (a) Except as provided in Subsection (2)(b), if the holder does not send
670     communications to the apparent owner of a security by first-class United States mail, the holder
671     shall attempt to confirm the apparent owner's interest in the security by sending the apparent
672     owner an electronic-mail communication not later than two years after the apparent owner's last
673     indication of interest in the security.

674          (b) The holder shall promptly attempt to contact the apparent owner by first-class
675     United States mail if:
676          (i) the holder does not have information needed to send the apparent owner an
677     electronic-mail communication or the holder believes that the apparent owner's electronic-mail
678     address in the holder's records is not valid;
679          (ii) the holder receives notification that the electronic-mail communication was not
680     received; or
681          (iii) the apparent owner does not respond to the electronic-mail communication not
682     later than 30 days after the communication was sent.
683          (3) If first-class United States mail sent under Subsection (2) is returned to the holder
684     undelivered by the United States Postal Service, the security is presumed abandoned three
685     years after the date the mail is returned.
686          Section 14. Section 67-4a-207 is repealed and reenacted to read:
687          67-4a-207. When related property presumed abandoned.
688          At and after the time property is presumed abandoned under this chapter, any other
689     property right or interest accrued or accruing from the property and not previously presumed
690     abandoned is also presumed abandoned.
691          Section 15. Section 67-4a-208 is repealed and reenacted to read:
692          67-4a-208. Indication of apparent owner interest in property.
693          (1) The period after which property is presumed abandoned is measured from the later
694     of:
695          (a) the date the property is presumed abandoned under this part; or
696          (b) the latest indication of interest by the apparent owner in the property.
697          (2) Under this chapter, an indication of an apparent owner's interest in property
698     includes:
699          (a) a record communicated by the apparent owner to the holder or agent of the holder
700     concerning the property or the account in which the property is held;
701          (b) an oral communication by the apparent owner to the holder or agent of the holder

702     concerning the property or the account in which the property is held, if the holder or the
703     holder's agent contemporaneously makes and preserves a record of the fact of the apparent
704     owner's communication;
705          (c) presentment of a check or other instrument of payment of a dividend, interest
706     payment, or other distribution, or evidence of receipt of a distribution made by electronic or
707     similar means, with respect to an account, underlying security, or interest in a business
708     association;
709          (d) activity directed by an apparent owner in the account in which the property is held,
710     including accessing the account or information concerning the account, or a direction by the
711     apparent owner to increase, decrease, or otherwise change the amount or type of property held
712     in the account;
713          (e) a deposit into or withdrawal from an account at a banking organization or financial
714     organization, except for an automatic deposit or withdrawal previously authorized by the
715     apparent owner or an automatic reinvestment of dividends or interest; and
716          (f) subject to Subsection (5), payment of a premium on an insurance policy.
717          (3) An action by an agent or other representative of an apparent owner, other than the
718     holder acting as the apparent owner's agent, is presumed to be an action on behalf of the
719     apparent owner.
720          (4) A communication with an apparent owner by a person other than the holder or the
721     holder's representative is not an indication of interest in the property by the apparent owner
722     unless a record of the communication evidences the apparent owner's knowledge of a right to
723     the property.
724          (5) If the insured dies or the insured or beneficiary of an insurance policy otherwise
725     becomes entitled to the proceeds before depletion of the cash surrender value of the policy by
726     operation of an automatic premium loan provision or other nonforfeiture provision contained in
727     the policy, the operation does not prevent the policy from maturing or terminating.
728          Section 16. Section 67-4a-209 is repealed and reenacted to read:
729          67-4a-209. Deposit account for proceeds of insurance policy or annuity contract.

730          If proceeds payable under a life or endowment insurance policy or annuity contract are
731     deposited into an account with check- or draft-writing privileges for the beneficiary of the
732     policy or contract and, under a supplementary contract not involving annuity benefits other
733     than death benefits, the proceeds are retained by the insurance company, the financial
734     organization, or the banking organization where the account is held, the policy or contract
735     includes the assets in the account.
736          Section 17. Section 67-4a-301 is repealed and reenacted to read:
737     
Part 3. Rules for Taking Custody of Property Presumed Abandoned

738          67-4a-301. Address of apparent owner to establish priority.
739          In this part, the following rules apply:
740          (1) the last known address of an apparent owner is any description, code, or other
741     indication of the location of the apparent owner that identifies the state, even if the description,
742     code, or indication of location is not sufficient to direct the delivery of first-class United States
743     mail to the apparent owner;
744          (2) if the United States postal zip code associated with the apparent owner is for a post
745     office located in this state, this state is considered to be the state of the last known address of
746     the apparent owner unless other records associated with the apparent owner specifically
747     identify the physical address of the apparent owner to be in another state;
748          (3) if the address under Subsection (2) is in another state, the other state is considered
749     to be the state of the last-known address of the apparent owner; and
750          (4) the address of the apparent owner of a life or endowment insurance policy or
751     annuity contract or the policy's or contract's proceeds is presumed to be the address of the
752     insured or annuitant if a person other than the insured or annuitant is entitled to the amount
753     owed under the policy or contract and the address of the other person is not known by the
754     insurance company and cannot be determined under Section 67-4a-302.
755          Section 18. Section 67-4a-302 is repealed and reenacted to read:
756          67-4a-302. Address of apparent owner in this state.
757          The administrator may take custody of property that is presumed abandoned, whether

758     located in this state, another state, or a foreign country if:
759          (1) the last known address of the apparent owner in the records of the holder is in this
760     state; or
761          (2) the records of the holder do not reflect the identity or last known address of the
762     apparent owner, but the administrator has determined that the last known address of the
763     apparent owner is in this state.
764          Section 19. Section 67-4a-303 is repealed and reenacted to read:
765          67-4a-303. If records show multiple addresses of apparent owner.
766          (1) Except as in Subsection (2), if records of a holder reflect multiple addresses for an
767     apparent owner and this state is the state of the most recently recorded address, this state may
768     take custody of property presumed abandoned, whether located in this state or another state.
769          (2) If it appears from records of the holder that the most recently recorded address of
770     the apparent owner under Subsection (1) is a temporary address and this state is the state of the
771     next most recently recorded address that is not a temporary address, this state may take custody
772     of the property presumed abandoned.
773          Section 20. Section 67-4a-304 is enacted to read:
774          67-4a-304. Holder domiciled in this state.
775          (1) Except as in Subsection (2) or Section 67-4a-302 or 67-4a-303, the administrator
776     may take custody of property presumed abandoned, whether located in this state, another state,
777     or a foreign country, if the holder is domiciled in this state or is this state or a governmental
778     subdivision, agency, or instrumentality of this state, and:
779          (a) another state or foreign country is not entitled to the property because there is no
780     last known address of the apparent owner or other person entitled to the property in the records
781     of the holder; or
782          (b) the state or foreign country of the last known address of the apparent owner or other
783     person entitled to the property does not provide for custodial taking of the property.
784          (2) Property is not subject to custody of the administrator under Subsection (1) if the
785     property is specifically exempt from custodial taking under the law of this state or the state or

786     foreign country of the last known address of the apparent owner.
787          (3) If a holder's state of domicile has changed since the time property was presumed
788     abandoned, the holder's state of domicile in this section is considered to be the state where the
789     holder was domiciled at the time the property was presumed abandoned.
790          Section 21. Section 67-4a-305 is enacted to read:
791          67-4a-305. Custody if transaction took place in this state.
792          Except as in Section 67-4a-302, 67-4a-303, or 67-4a-304, the administrator may take
793     custody of property presumed abandoned whether located in this state or another state if:
794          (1) the transaction out of which the property arose took place in this state;
795          (2) the holder is domiciled in a state that does not provide for the custodial taking of
796     the property, except that if the property is specifically exempt from custodial taking under the
797     law of the state of the holder's domicile, the property is not subject to the custody of the
798     administrator; and
799          (3) the last known address of the apparent owner or other person entitled to the
800     property is unknown or in a state that does not provide for the custodial taking of the property,
801     except that if the property is specifically exempt from custodial taking under the law of the
802     state of the last known address, the property is not subject to the custody of the administrator.
803          Section 22. Section 67-4a-306 is enacted to read:
804          67-4a-306. Traveler's check, money order, or similar instrument.
805          The administrator may take custody of sums payable on a traveler's check, money order,
806     or similar instrument presumed abandoned to the extent permissible under 12 U.S.C. Secs.
807     2501 through 2503.
808          Section 23. Section 67-4a-307 is enacted to read:
809          67-4a-307. Burden of proof to establish administrator's right to custody.
810          Subject to Part 4, Report by Holder, if the administrator asserts a right to custody of
811     unclaimed property and there is a dispute concerning such property, the administrator has the
812     initial burden to prove:
813          (1) the existence and amount of the property;

814          (2) the property is presumed abandoned; and
815          (3) the property is subject to the custody of the administrator.
816          Section 24. Section 67-4a-401 is repealed and reenacted to read:
817     
Part 4. Report by Holder

818          67-4a-401. Report required by holder.
819          (1) (a) A holder of property presumed abandoned and subject to the custody of the
820     administrator shall report in a record to the administrator concerning the property.
821          (b) A holder shall report via the Internet in a format approved by the administrator,
822     unless the administrator gives a holder specific permission to file a paper report.
823          (2) A holder may contract with a third party to make the report required under
824     Subsection (1).
825          (3) Whether or not a holder contracts with a third party under Subsection (2), the
826     holder is responsible:
827          (a) to the administrator for the complete, accurate, and timely reporting of property
828     presumed abandoned; and
829          (b) for paying or delivering to the administrator property described in the report.
830          Section 25. Section 67-4a-402 is repealed and reenacted to read:
831          67-4a-402. Content of report.
832          (1) The report required under Section 67-4a-401 shall:
833          (a) be signed by or on behalf of the holder and verified as to the report's completeness
834     and accuracy;
835          (b) if filed electronically, be in a secure format approved by the administrator that
836     protects confidential information of the apparent owner;
837          (c) describe the property;
838          (d) except for a traveler's check, money order, or similar instrument, contain the name,
839     if known, last known address, if known, and social security number or taxpayer identification
840     number, if known or readily ascertainable, of the apparent owner of property with a value of
841     $50 or more;

842          (e) for an amount held or owing under a life or endowment insurance policy or annuity
843     contract, contain the name and last known address of the insured, annuitant, or other apparent
844     owner of the policy or contract and of the beneficiary;
845          (f) for property held in or removed from a safe-deposit box, indicate the location of the
846     property, where the property may be inspected by the administrator, and any amounts owed to
847     the holder under Section 67-4a-606;
848          (g) contain the commencement date for determining abandonment under Part 2,
849     Presumption of Abandonment;
850          (h) state that the holder has complied with the notice requirements of Section
851     67-4a-501;
852          (i) identify property that is a nonfreely transferable security and explain why the
853     property is a nonfreely transferable security; and
854          (j) contain other information the administrator prescribes by rules.
855          (2) (a) A report under Section 67-4a-401 may include in the aggregate items valued
856     under $50 each.
857          (b) If the report includes items in the aggregate valued under $50 each, the
858     administrator may not require the holder to provide the name and address of an apparent owner
859     of an item unless the information is necessary to verify or process a claim in progress by the
860     apparent owner.
861          (3) A report under Section 67-4a-401 may include personal information as defined in
862     Subsection 67-4a-1401(1) about the apparent owner or the apparent owner's property.
863          (4) If a holder has changed the holder's name while holding property presumed
864     abandoned or is a successor to another person that previously held the property for the apparent
865     owner, the holder shall include in the report under Section 67-4a-401:
866          (a) the holder's former name or the name of the previous holder, if any; and
867          (b) the known name and address of each previous holder of the property.
868          Section 26. Section 67-4a-403 is repealed and reenacted to read:
869          67-4a-403. When report to be filed.

870          (1) Subject to Subsection (2), the report under Section 67-4a-401 shall be filed before
871     November 1 of each year and cover the 12 months preceding July 1 of that year.
872          (2) (a) Before the date for filing the report under Section 67-4a-401, the holder of
873     property presumed abandoned may request the administrator to extend the time for filing.
874          (b) The administrator may grant an extension.
875          (c) If the extension is granted, the holder may pay or make a partial payment of the
876     amount the holder estimates ultimately will be due.
877          (d) The payment or partial payment terminates accrual of interest on the amount paid.
878          Section 27. Section 67-4a-404 is repealed and reenacted to read:
879          67-4a-404. Retention of records by holder.
880          (1) A holder required to file a report under Section 67-4a-401 shall retain records for
881     five years after the later of the date the report was filed or the last date a timely report was due
882     to be filed, unless a shorter period is provided by rule of the administrator.
883          (2) The holder may satisfy the requirement to retain records under this section through
884     an agent.
885          (3) The records shall contain:
886          (a) the information required to be included in the report;
887          (b) the date, place, and nature of the circumstances that gave rise to the property right;
888          (c) the amount or value of the property;
889          (d) the last address of the apparent owner, if known to the holder; and
890          (e) if the holder sells, issues, or provides to others for sale or issue in this state
891     traveler's checks, money orders, or similar instruments, other than third-party bank checks, on
892     which the holder is directly liable, a record of the instruments while they remain outstanding
893     indicating the state and date of issue.
894          Section 28. Section 67-4a-405 is repealed and reenacted to read:
895          67-4a-405. Property reportable and payable or deliverable absent owner demand.
896          Property is reportable and payable or deliverable under this chapter even if the owner
897     fails to make demand or present an instrument or document otherwise required to obtain

898     payment.
899          Section 29. Section 67-4a-501 is repealed and reenacted to read:
900     
Part 5. Notice to Apparent Owner of Property Presumed Abandoned

901          67-4a-501. Notice to apparent owner by holder.
902          (1) Subject to Subsections (2) and (3), the holder of property presumed abandoned
903     shall send to the apparent owner notice by first-class United States mail that complies with
904     Section 67-4a-502 in a format acceptable to the administrator not more than 180 days nor less
905     than 60 days before filing the report under Section 67-4a-401 if:
906          (a) the holder has in the holder's records an address for the apparent owner that the
907     holder's records do not disclose to be invalid and is sufficient to direct the delivery of first-class
908     United States mail to the apparent owner; and
909          (b) the value of the property is $50 or more.
910          (2) If an apparent owner has consented to receive electronic mail delivery from the
911     holder, the holder shall send the notice described in Subsection (1) both by first-class United
912     States mail to the apparent owner's last-known mailing address and by electronic mail, unless
913     the holder believes that the apparent owner's electronic mail address is invalid.
914          Section 30. Section 67-4a-502 is repealed and reenacted to read:
915          67-4a-502. Contents of notice by holder.
916          (1) Notice under Section 67-4a-501 shall contain a heading that reads substantially as
917     follows:
918          "Notice. The State of Utah requires us to notify you that your property may be
919     transferred to the custody of the state's unclaimed property administrator if you do not contact
920     us before (insert date that is 30 days after the date of this notice)."
921          (2) The notice under Section 67-4a-501 shall:
922          (a) identify the nature and, except for property that does not have a fixed value, the
923     value of the property that is the subject of the notice;
924          (b) state that the property will be turned over to the administrator;
925          (c) state that after the property is turned over to the administrator an apparent owner

926     that seeks return of the property may file a claim with the administrator;
927          (d) state that property that is not legal tender of the United States may be sold by the
928     administrator;
929          (e) provide instructions that the apparent owner shall follow to prevent the holder from
930     reporting and paying or delivering the property to the administrator; and
931          (f) include the name, address, and electronic mail address or telephone number to
932     contact the holder.
933          (3) The holder may supplement the required information by listing a website where
934     apparent owners may obtain more information about how to prevent the holder from reporting
935     and paying or delivering the property to the state treasurer.
936          Section 31. Section 67-4a-503 is enacted to read:
937          67-4a-503. Notice by administrator.
938          (1) The administrator shall give notice to an apparent owner that property presumed
939     abandoned and that appears to be owned by the apparent owner is held by the administrator
940     under this chapter.
941          (2) In providing notice under Subsection (1), the administrator shall:
942          (a) except as otherwise provided in Subsection (2)(b), send written notice by first-class
943     United States mail to each apparent owner of property valued at $50 or more held by the
944     administrator, unless the administrator determines that a mailing by first-class United States
945     mail would not be received by the apparent owner, and, in the case of a security held in an
946     account for which the apparent owner had consented to receiving electronic mail from the
947     holder, send notice by electronic mail if the electronic mail address of the apparent owner is
948     known to the administrator instead of by first-class United States mail; or
949          (b) send the notice to the apparent owner's electronic mail address if the administrator
950     does not have a valid United States mail address for an apparent owner, but has an electronic
951     mail address that the administrator does not know to be invalid.
952          (3) In addition to the notice under Subsection (2), the administrator shall publish every
953     12 months in at least one English language newspaper of general circulation in this state notice

954     of property held by the administrator, which shall include:
955          (a) the total value of property received by the administrator during the preceding
956     12-month period, taken from the reports under Section 67-4a-401;
957          (b) the total value of claims paid by the administrator during the preceding 12-month
958     period;
959          (c) the Internet web address of the unclaimed property website maintained by the
960     administrator;
961          (d) a telephone number and electronic mail address to contact the administrator to
962     inquire about or claim property; and
963          (e) a statement that a person may access the Internet by a computer to search for
964     unclaimed property, and a computer may be available as a service to the public at a local public
965     library.
966          (4) (a) The administrator shall maintain a website accessible by the public and
967     electronically searchable that contains the names reported to the administrator of apparent
968     owners for whom property is being held by the administrator.
969          (b) The administrator is not required to list property on the website if:
970          (i) no owner name was reported;
971          (ii) a claim has been initiated or is pending for the property;
972          (iii) the Office of the State Treasurer has made direct contact with the apparent owner
973     of the property; or
974          (iv) the administrator reasonably believes exclusion of the property is in the best
975     interests of both the state and the owner of the property.
976          (5) The website or database maintained under Subsection (4) shall include instructions
977     for filing with the administrator a claim to property and a printable claim form with
978     instructions.
979          (6) (a) At least annually, the administrator shall notify the State Tax Commission of the
980     names of all persons appearing to be owners of abandoned property under this chapter.
981          (b) The administrator shall also provide to the State Tax Commission the social

982     security numbers of the persons, if available.
983          (c) The State Tax Commission shall:
984          (i) notify the administrator if any person under Subsection (6)(a) has filed a Utah
985     income tax return in that year; and
986          (ii) provide the administrator with the person's address that appears on the tax return.
987          (d) In order to facilitate the return of property under this Subsection (6), the
988     administrator and the State Tax Commission may enter into an interagency agreement
989     concerning protection of confidential information, data match rules, and other issues.
990          (7) (a) If the value of the property that is owed the person is $2,000 or less:
991          (i) the person is not required to file a claim under Section 67-4a-903; and
992          (ii) the administrator shall deliver the property or pay the amount owing to the person
993     in the manner provided under Section 67-4a-905.
994          (b) If the value of the property that is owed the person is greater than $2,000, the
995     administrator shall send written notice to the person informing the person that the person:
996          (i) is the owner of abandoned property held by the state; and
997          (ii) may file a claim with the administrator for return of the property.
998          (8) The administrator may use publicly and commercially available databases to find
999     and update or add information for apparent owners of property held by the administrator.
1000          (9) In addition to giving notice under Subsection (2), publishing the information under
1001     Subsection (3), and maintaining the website or database under Subsection (4), the administrator
1002     may use other printed publication, telecommunication, the Internet, or other media to inform
1003     the public of the existence of unclaimed property held by the administrator.
1004          Section 32. Section 67-4a-504 is enacted to read:
1005          67-4a-504. Cooperation among state officers and agencies to locate apparent
1006     owner.
1007          (1) Unless prohibited by law of this state other than this chapter, on request of the
1008     administrator, each officer, agency, board, commission, division, and department of this state,
1009     any body politic and corporate created by this state for a public purpose, and each political

1010     subdivision of this state shall:
1011          (a) make books and records available to the administrator; and
1012          (b) cooperate with the administrator to determine the current address of an apparent
1013     owner of property held by the administrator under this chapter.
1014          (2) At the administrator's discretion, the administrator may also enter into data sharing
1015     agreements to enable other governmental agencies to provide an additional notice to apparent
1016     owners of property held by the administrator.
1017          Section 33. Section 67-4a-601 is repealed and reenacted to read:
1018     
Part 6. Taking Custody of Property by Administrator

1019          67-4a-601. Definition of good faith.
1020          In this chapter, payment or delivery of property is made in good faith if a holder:
1021          (1) had a reasonable basis for believing, based on the facts then known, that the
1022     property was required or permitted to be paid or delivered to the administrator under this
1023     chapter; or
1024          (2) made payment or delivery:
1025          (a) in response to a demand by the administrator or administrator's agent; or
1026          (b) under a guidance or ruling issued by the administrator that the holder reasonably
1027     believed required or permitted the property to be paid or delivered.
1028          Section 34. Section 67-4a-602 is repealed and reenacted to read:
1029          67-4a-602. Dormancy charge.
1030          (1) A holder may deduct a dormancy charge from property required to be paid or
1031     delivered to the administrator if:
1032          (a) a valid contract between the holder and the apparent owner authorizes imposition of
1033     the charge for the apparent owner's failure to claim the property within a specified time; and
1034          (b) the holder regularly imposes the charge and regularly does not reverse or otherwise
1035     cancel the charge.
1036          (2) The amount of the deduction under Subsection (1) is limited to an amount that is
1037     not unconscionable considering all relevant factors, including:

1038          (a) the marginal transactional costs incurred by the holder in maintaining the apparent
1039     owner's property; and
1040          (b) any services received by the apparent owner.
1041          Section 35. Section 67-4a-603 is enacted to read:
1042          67-4a-603. Payment or delivery of property to administrator.
1043          (1) (a) Except as otherwise provided in this section, on filing a report under Section
1044     67-4a-401 the holder shall pay or deliver to the administrator the property described in the
1045     report.
1046          (b) If property in a report under Section 67-4a-401 is an automatically renewable
1047     deposit and a penalty or forfeiture in the payment of interest would result from paying the
1048     deposit to the administrator at the time of the report, the date for payment of the property to the
1049     administrator is extended until a penalty or forfeiture no longer would result from payment, if
1050     the holder informs the administrator of the extended date.
1051          (2) Tangible property in a safe-deposit box may not be delivered to the administrator
1052     until 120 days after filing the report under Section 67-4a-401.
1053          (3) If property reported to the administrator under Section 67-4a-401 is a security, the
1054     administrator may:
1055          (a) make an endorsement, instruction, or entitlement order on behalf of the apparent
1056     owner to invoke the duty of the issuer, the transfer agent, or the securities intermediary to
1057     transfer the security; or
1058          (b) dispose of the security under Section 67-4a-702.
1059          (4) (a) If the holder of property reported to the administrator under Section 67-4a-401
1060     is the issuer of a certificated security, the administrator may obtain a replacement certificate in
1061     physical or book-entry form under Section 70A-8-405.
1062          (b) An indemnity bond is not required under Subsection (4)(a).
1063          (5) The administrator shall establish procedures for the registration, issuance, method
1064     of delivery, transfer, and maintenance of securities delivered to the administrator by a holder.
1065          (6) An issuer, holder, and transfer agent or other person acting in good faith under this

1066     section under instructions of and on behalf of the issuer or holder is not liable to the apparent
1067     owner for, and shall be indemnified by the state against, a claim arising with respect to property
1068     after the property has been delivered to the administrator.
1069          (7) (a) A holder is not required to deliver to the administrator a security identified by
1070     the holder as a nonfreely transferable security in a report filed under Section 67-4a-401.
1071          (b) If the administrator or holder determines that a security is no longer a nonfreely
1072     transferable security, the holder shall deliver the security on the next regular date prescribed for
1073     delivery of securities under this chapter.
1074          (c) The holder shall make a determination annually whether a security identified in a
1075     report filed under Section 67-4a-401 as a nonfreely transferable security is no longer a
1076     nonfreely transferable security.
1077          Section 36. Section 67-4a-604 is enacted to read:
1078          67-4a-604. Effect of payment or delivery of property to administrator.
1079          (1) On payment or delivery of property to the administrator under this chapter, the
1080     administrator as agent for the state assumes custody and responsibility for safekeeping the
1081     property.
1082          (2) A holder that pays or delivers property to the administrator in good faith and
1083     substantially complies with Sections 67-4a-501 and 67-4a-502 is relieved of all liability that
1084     thereafter may arise or be made in respect to the property to the extent of the value of the
1085     property so paid or delivered.
1086          (3) (a) In the event legal proceedings are instituted by any other state or states in any
1087     state or federal court with respect to unclaimed funds or abandoned property previously paid or
1088     delivered to the administrator, the holder shall give written notification to the administrator and
1089     the attorney general of this state of the proceedings within 10 days after service of process, or
1090     in the alternative at least 10 days before the return date or date on which an answer or similar
1091     pleading is due or any extension thereof secured by the holder.
1092          (b) The attorney general may take such action as considered necessary or expedient to
1093     protect the interests of the state of Utah.

1094          (c) The attorney general, by written notice before the return date or date on which an
1095     answer or similar pleading is due or any extension thereof secured by the holder, but in any
1096     event in reasonably sufficient time for the holder to comply with the directions received, shall
1097     either direct the holder:
1098          (i) to actively defend in the proceedings; or
1099          (ii) that no defense need be entered in the proceedings.
1100          (d) (i) If a direction is received from the attorney general that the holder need not make
1101     a defense under Subsection (3)(c)(ii), the holder is not precluded from entering a defense in the
1102     holder's own name.
1103          (ii) If a defense is made by the holder on the holder's own initiative, the holder is not
1104     entitled to reimbursement for legal fees, costs, and other expenses as provided in this section
1105     for defenses made pursuant to the directions of the attorney general.
1106          (e) If, after the holder has actively defended in the proceedings pursuant to a direction
1107     of the attorney general or has been notified in writing by the attorney general that no defense
1108     need be made with respect to the funds, a judgment is entered against the holder for any
1109     amount paid to the administrator under this chapter, the administrator shall, upon being
1110     furnished with proof of payment in satisfaction of the judgment, reimburse the holder the
1111     amount paid.
1112          (f) The administrator shall also reimburse the holder for any legal fees, costs, and other
1113     directly related expenses incurred in legal proceedings undertaken pursuant to the direction of
1114     the attorney general.
1115          Section 37. Section 67-4a-605 is enacted to read:
1116          67-4a-605. Recovery of property by holder from administrator.
1117          (1) A holder that under this chapter pays money to the administrator may file a claim
1118     for reimbursement from the administrator of the amount paid if the holder:
1119          (a) paid the money in error; or
1120          (b) after paying the money to the administrator, paid money to a person the holder
1121     reasonably believed entitled to the money.

1122          (2) (a) If a claim for reimbursement under Subsection (1) is made for a payment made
1123     on a negotiable instrument, including a traveler's check, money order, or similar instrument, the
1124     holder shall submit proof that the instrument was presented and payment was made to a person
1125     the holder reasonably believed entitled to payment.
1126          (b) The holder may claim reimbursement even if the payment was made to a person
1127     whose claim was made after expiration of a period of limitation on the owner's right to receive
1128     or recover property, whether specified by contract, statute, or court order.
1129          (3) If a holder is reimbursed by the administrator under Subsection (1)(b), the holder
1130     may also recover from the administrator income or gain under Section 67-4a-607 that would
1131     have been paid to the owner if the money had been claimed from the administrator by the
1132     owner to the extent the income or gain was paid by the holder to the owner.
1133          (4) (a) A holder that under this chapter delivers property other than money to the
1134     administrator may file a claim for return of the property from the administrator if:
1135          (i) the holder delivered the property in error; or
1136          (ii) the apparent owner has claimed the property from the holder.
1137          (b) If a claim for return of property under Subsection (4)(a) is made, the holder shall
1138     include with the claim evidence sufficient to establish that the apparent owner has claimed the
1139     property from the holder or that the property was delivered by the holder to the administrator in
1140     error.
1141          (5) The administrator may determine that an affidavit submitted by a holder is evidence
1142     sufficient to establish that the holder is entitled to reimbursement or to recover property under
1143     this section.
1144          (6) A holder is not required to pay a fee or other charge for reimbursement or return of
1145     property under this section.
1146          (7) (a) Not later than 90 days after a claim is filed under Subsection (1) or (4), the
1147     administrator shall allow or deny the claim and give the claimant notice of the decision in a
1148     record.
1149          (b) If the administrator does not take action on a claim during the 90-day period, the

1150     claim is considered denied.
1151          (8) The claimant may initiate a proceeding under Section 63G-4-301, for review of the
1152     administrator's decision or the considered denial under Subsection (7)(b) not later than:
1153          (a) 30 days following receipt of the notice of the administrator's decision; or
1154          (b) 120 days following the filing of a claim under Subsection (1) or (4) in the case of a
1155     considered denial under Subsection (7)(b).
1156          (9) A final decision in an administrative proceeding initiated under Subsection (8) is
1157     subject to judicial review by the court as a matter of right in a de novo proceeding on the record
1158     in which either party is entitled to introduce evidence as a supplement to the record.
1159          Section 38. Section 67-4a-606 is enacted to read:
1160          67-4a-606. Property removed from safe-deposit box.
1161          (1) Property removed from a safe-deposit box and delivered to the administrator under
1162     this chapter is subject to:
1163          (a) the holder's right to reimbursement for the cost of opening the box; and
1164          (b) a lien or contract providing reimbursement to the holder for unpaid rent charges for
1165     the box.
1166          (2) The administrator shall reimburse the holder from the proceeds remaining after
1167     deducting the expense incurred by the administrator in selling the property.
1168          Section 39. Section 67-4a-607 is enacted to read:
1169          67-4a-607. Crediting income or gain to owner's account.
1170          (1) If property other than money is delivered to the administrator, the owner is entitled
1171     to receive from the administrator income or gain realized or accrued on the property before the
1172     property is sold.
1173          (2) Interest on money, including interest on interest bearing property, is not payable to
1174     an owner for periods where the property is in the possession of the state.
1175          Section 40. Section 67-4a-608 is enacted to read:
1176          67-4a-608. Administrator's options as to custody.
1177          (1) The administrator may decline to take custody of property reported under Section

1178     67-4a-401 if the administrator determines that:
1179          (a) the property has a value less than the estimated expenses of notice and sale of the
1180     property; or
1181          (b) taking custody of the property would be unlawful.
1182          (2) A holder may pay or deliver property to the administrator before the property is
1183     presumed abandoned under this chapter if the holder:
1184          (a) sends the apparent owner of the property notice required by Section 67-4a-501 and
1185     provides the administrator evidence of the holder's compliance with this Subsection (2);
1186          (b) includes with the payment or delivery a report regarding the property conforming to
1187     Section 67-4a-402; and
1188          (c) first obtains the administrator's consent in a record to accept payment or delivery.
1189          (3) (a) A holder's request for the administrator's consent under Subsection (2)(c) shall
1190     be in a record.
1191          (b) If the administrator fails to respond to the request not later than 30 days after
1192     receipt of the request, the administrator is considered to consent to the payment or delivery of
1193     the property and the payment or delivery is considered to have been made in good faith.
1194          (4) On payment or delivery of property under Subsection (2), the property is presumed
1195     abandoned.
1196          Section 41. Section 67-4a-609 is enacted to read:
1197          67-4a-609. Disposition of property having no substantial value -- Immunity from
1198     liability.
1199          (1) If the administrator takes custody of property delivered under this chapter and later
1200     determines that the property has no substantial commercial value or that the cost of disposing
1201     of the property will exceed the value of the property, the administrator may return the property
1202     to the holder or destroy or otherwise dispose of the property.
1203          (2) An action or proceeding may not be commenced against the state, an agency of the
1204     state, the administrator, another officer, employee, or agent of the state, or a holder for or
1205     because of an act of the administrator under this section, except for intentional misconduct or

1206     malfeasance.
1207          Section 42. Section 67-4a-610 is enacted to read:
1208          67-4a-610. Periods of limitation and repose.
1209          (1) Expiration, before, on, or after the effective date of this chapter, of a period of
1210     limitation on an owner's right to receive or recover property, whether specified by contract,
1211     statute, or court order, does not prevent the property from being presumed abandoned or affect
1212     the duty of a holder under this chapter to file a report or pay or deliver property to the
1213     administrator.
1214          (2) An action or proceeding may not be maintained by the administrator to enforce this
1215     chapter in regard to the reporting, delivery, or payment of property more than five years after
1216     the holder:
1217          (a) (i) filed a nonfraudlent report under Section 67-4a-401 with the administrator; and
1218          (ii) specifically identified the property in the report filed with the administrator under
1219     Subsection (2)(a); or
1220          (b) gave express notice to the administrator of a dispute regarding the property.
1221          (3) (a) In the absence of a report or other express notice under Subsection (2), the
1222     period of limitation is tolled.
1223          (b) The period of limitation is also tolled by the filing of a report that is fraudulent.
1224          (4) The administrator may not commence an action, proceeding, or examination
1225     regarding the duty of a holder under this chapter on a day that is more than 10 years after the
1226     day on which the duty arises.
1227          Section 43. Section 67-4a-701 is repealed and reenacted to read:
1228     
Part 7. Sale of Property by Administrator

1229          67-4a-701. Public sale of property.
1230          (1) Subject to Section 67-4a-702, not earlier than three years after receipt of property
1231     presumed abandoned, the administrator may sell the property.
1232          (2) Before selling property under Subsection (1), the administrator shall give notice to
1233     the public of:

1234          (a) the date of the sale; and
1235          (b) a reasonable description of the property.
1236          (3) A sale under Subsection (1) shall be to the highest bidder:
1237          (a) at a public sale at a location in this state that the administrator determines to be the
1238     most favorable market for the property;
1239          (b) on the Internet; or
1240          (c) on another forum the administrator determines likely to yield the highest net
1241     proceeds of sale.
1242          (4) The administrator may decline the highest bid at a sale under this section and
1243     reoffer the property for sale if the administrator determines the highest bid is insufficient.
1244          (5) If a sale held under this section is to be conducted other than on the Internet, the
1245     administrator shall cause to be published at least one notice of the sale, at least two weeks but
1246     not more than five weeks before the sale, in a newspaper of general circulation in the county in
1247     which the property is to be sold.
1248          (6) (a) Property eligible for sale will not be sold if a claim has been filed with the
1249     administrator by an apparent owner, heir, or agent.
1250          (b) Upon approval of a claim, the owner, heir, or agent may request the administrator
1251     to dispose of the property by sale and remit the net proceeds to the owner, heir, or agent.
1252          (c) Upon disapproval of the claim, the administrator may dispose of the property by
1253     sale.
1254          Section 44. Section 67-4a-702 is repealed and reenacted to read:
1255          67-4a-702. Disposal of securities.
1256          (1) The administrator may not sell or otherwise liquidate a security until three years
1257     after the administrator receives the security and gives the apparent owner notice under Section
1258     67-4a-503 that the administrator holds the security.
1259          (2) The administrator may not sell a security listed on an established stock exchange
1260     for less than the price prevailing on the exchange at the time of sale.
1261          (3) The administrator may sell a security not listed on an established exchange by any

1262     commercially reasonable method.
1263          Section 45. Section 67-4a-703 is repealed and reenacted to read:
1264          67-4a-703. Recovery of securities or value by owner.
1265          (1) The administrator may not be held liable for any loss or gain in the value that the
1266     financial instrument would have obtained had the financial instrument been held instead of
1267     being sold.
1268          (2) Upon approval of a claim, the owner, heir, or agent may request the administrator
1269     to dispose of the securities by sale and remit the net proceeds to the owner, heir, or agent.
1270          (3) Upon disapproval of the claim, the administrator may dispose of the securities by
1271     sale.
1272          Section 46. Section 67-4a-704 is repealed and reenacted to read:
1273          67-4a-704. Purchaser owns property after sale.
1274          (1) A purchaser of property at a sale conducted by the administrator under this chapter
1275     takes the property free of all claims of the owner, a previous holder, or a person claiming
1276     through the owner or holder.
1277          (2) The administrator shall execute documents necessary to complete the transfer of
1278     ownership to the purchaser.
1279          Section 47. Section 67-4a-705 is repealed and reenacted to read:
1280          67-4a-705. Military medal or decoration.
1281          (1) The administrator may not sell a medal or decoration awarded for military service
1282     in the armed forces of the United States.
1283          (2) The administrator, with the consent of the respective organization under Subsection
1284     (2)(a), agency under Subsection (2)(b), or entity under Subsection (2)(c), may deliver a medal
1285     or decoration described in Subsection (1), to be held in custody for the owner, to:
1286          (a) a military veterans organization qualified under 26 U.S.C. Sec. 501(c)(19);
1287          (b) the agency that awarded the medal or decoration; or
1288          (c) a governmental entity.
1289          (3) On delivery under Subsection (2), the administrator is not responsible for

1290     safekeeping the medal or decoration.
1291          Section 48. Section 67-4a-801 is repealed and reenacted to read:
1292     
Part 8. Administration of Property

1293          67-4a-801. Deposit of funds by administrator.
1294          (1) (a) There is created a private-purpose trust fund entitled the "Unclaimed Property
1295     Trust Fund."
1296          (b) Except as otherwise provided in this section, the administrator shall deposit all
1297     funds received under this chapter, including proceeds from the sale of property under Part 7,
1298     Sale of Property by Administrator, in the fund.
1299          (c) The fund shall earn interest.
1300          (2) The administrator shall:
1301          (a) pay any legitimate claims or deductions authorized by this chapter from the fund;
1302          (b) before the end of the fiscal year, estimate the amount of money from the fund that
1303     will ultimately be needed to be paid to claimants; and
1304          (c) at the end of the fiscal year, transfer any amount in excess of that amount to the
1305     Uniform School Fund, except that unclaimed restitution for crime victims shall be transferred
1306     to the Crime Victim Reparations Fund.
1307          (3) Before making any transfer to the Uniform School Fund, the administrator may
1308     deduct from the fund:
1309          (a) amounts appropriated by the Legislature for administration of this chapter;
1310          (b) any costs incurred in connection with the sale of abandoned property;
1311          (c) costs of mailing and publication in connection with any abandoned property;
1312          (d) reasonable service charges; and
1313          (e) costs incurred in examining records of holders of property and in collecting the
1314     property from those holders.
1315          Section 49. Section 67-4a-802 is repealed and reenacted to read:
1316          67-4a-802. Administrator to retain records of property.
1317          The administrator shall:

1318          (1) record and retain the name and last known address of each person shown on a
1319     report filed under Section 67-4a-401 to be the apparent owner of property delivered to the
1320     administrator;
1321          (2) record and retain the name and last known address of each insured or annuitant and
1322     beneficiary shown on the report;
1323          (3) for each policy of insurance or annuity contract listed in the report of an insurance
1324     company, record and retain the policy or account number, the name of the company, and the
1325     amount due or paid; and
1326          (4) for each apparent owner listed in the report, record and retain the name of the
1327     holder that filed the report and the amount due or paid.
1328          Section 50. Section 67-4a-803 is enacted to read:
1329          67-4a-803. Expenses and service charges of administrator.
1330          Before making a deposit of funds received under this chapter to the Uniform School
1331     Fund or the Crime Victim Reparations Fund, the administrator may deduct:
1332          (1) expenses of disposition of property delivered to the administrator under this
1333     chapter;
1334          (2) costs of mailing and publication in connection with property delivered to the
1335     administrator under this chapter;
1336          (3) reasonable service charges; and
1337          (4) expenses incurred in examining records of or collecting property from a putative
1338     holder or holder.
1339          Section 51. Section 67-4a-804 is enacted to read:
1340          67-4a-804. Administrator holds property as custodian for owner.
1341          Property received by the administrator under this chapter is held in custody for the
1342     benefit of the owner and is not owned by the state.
1343          Section 52. Section 67-4a-901 is repealed and reenacted to read:
1344     
Part 9. Claim to Recover Property from Administrator

1345          67-4a-901. Claim of another state to recover property.

1346          (1) If the administrator knows that property held by the administrator under this chapter
1347     is subject to a superior claim of another state, the administrator shall:
1348          (a) report and pay or deliver the property to the other state; or
1349          (b) return the property to the holder so that the holder may pay or deliver the property
1350     to the other state.
1351          (2) The administrator is not required to enter into an agreement to transfer property to
1352     the other state under Subsection (1).
1353          Section 53. Section 67-4a-902 is repealed and reenacted to read:
1354          67-4a-902. When property subject to recovery by another state.
1355          (1) Property held under this chapter by the administrator is subject to the right of
1356     another state to take custody of the property if:
1357          (a) (i) the property was paid or delivered to the administrator because the records of the
1358     holder did not reflect a last known address in the other state of the apparent owner; and
1359          (ii) (A) the other state establishes that the last known address of the apparent owner or
1360     other person entitled to the property was in the other state; or
1361          (B) under the law of the other state, the property has become subject to a claim by the
1362     other state of abandonment;
1363          (b) the records of the holder did not accurately identify the owner of the property, the
1364     last known address of the owner was in another state, and, under the law of the other state, the
1365     property has become subject to a claim by the other state of abandonment;
1366          (c) the property was subject to the custody of the administrator of this state under
1367     Section 67-4a-305 and, under the law of the state of domicile of the holder, the property has
1368     become subject to a claim by the state of domicile of the holder of abandonment; or
1369          (d) the property:
1370          (i) is a sum payable on a traveler's check, money order, or similar instrument that was
1371     purchased in the other state and delivered to the administrator under Section 67-4a-306; and
1372          (ii) under the law of the other state, has become subject to a claim by the other state of
1373     abandonment.

1374          (2) A claim by another state to recover property under this section shall be presented in
1375     a form prescribed by the administrator, unless the administrator waives presentation of the
1376     form.
1377          (3) (a) The administrator shall decide a claim under this section not later than 90 days
1378     after it is presented.
1379          (b) If the administrator determines that the other state is entitled under Subsection (1)
1380     to custody of the property, the administrator shall allow the claim and pay or deliver the
1381     property to the other state.
1382          (4) The administrator may require another state, before recovering property under this
1383     section, to agree to indemnify this state and its agents, officers, and employees against any
1384     liability on a claim to the property.
1385          Section 54. Section 67-4a-903 is enacted to read:
1386          67-4a-903. Claim for property by person claiming to be owner.
1387          (1) (a) A person claiming to be the owner of property held under this chapter by the
1388     administrator may file a claim for the property on a form prescribed by the administrator.
1389          (b) The claimant shall verify the claim as to its completeness and accuracy.
1390          (2) If the owner claiming the unclaimed property is a creditor the following apply:
1391          (a) (i) the exclusive remedy for satisfying a creditor's judgement is payment of a claim
1392     under the act; and
1393          (ii) a writ of attachment, garnishment, or execution is prohibited on unclaimed
1394     property;
1395          (b) a creditor may only receive the value of the creditor's judgment or the amount held
1396     by the administrator, whichever is less; and
1397          (c) the administrator may waive the requirement in Subsection (1) and may pay or
1398     deliver property directly to a person if:
1399          (i) the person receiving the property or payment is shown to be the apparent owner
1400     included on a report filed under Section 67-4a-401;
1401          (ii) the administrator reasonably believes the person is entitled to receive the property

1402     or payment; and
1403          (iii) the property has a value of less than $500.
1404          Section 55. Section 67-4a-904 is enacted to read:
1405          67-4a-904. When administrator shall honor claim for property.
1406          (1) The administrator shall pay or deliver property to a claimant under Subsection
1407     67-4a-903(1) if the administrator receives evidence sufficient to establish to the satisfaction of
1408     the administrator that the claimant is the owner of the property.
1409          (2) Not later than 90 days after a claim is filed under Subsection 67-4a-903(1), the
1410     administrator shall allow or deny the claim and give the claimant notice in a record of the
1411     decision.
1412          (3) If the claim is denied under Subsection (2):
1413          (a) the administrator shall inform the claimant of the reason for the denial and specify
1414     what additional evidence, if any, is required for the claim to be allowed;
1415          (b) the claimant may file an amended claim with the administrator or commence an
1416     action under Subsection 67-4a-906; and
1417          (c) the administrator shall consider an amended claim filed under Subsection (3)(b) as
1418     an initial claim.
1419          (4) If the administrator does not take action on a claim during the 90-day period
1420     following the filing of a claim under Subsection 67-4a-903(1), the claim is considered denied.
1421          Section 56. Section 67-4a-905 is enacted to read:
1422          67-4a-905. Allowance of claim for property.
1423          (1) (a) The administrator shall pay or deliver to the owner the property or pay to the
1424     owner the net proceeds of a sale of the property together with income or gain to which the
1425     owner is entitled under Section 67-4a-607.
1426          (b) On request of the owner, the administrator may sell or liquidate a security and pay
1427     the net proceeds to the owner.
1428          (2) Property held under this chapter by the administrator is subject to a claim for the
1429     payment of an enforceable debt the owner owes in this state for:

1430          (a) child support arrearages, including child support collection costs and child support
1431     arrearages that are combined with maintenance;
1432          (b) a civil or criminal fine or penalty, court costs, a surcharge, or restitution imposed by
1433     a final order of an administrative agency or a final court judgment; or
1434          (c) state taxes, penalties, and interest that have been determined to be delinquent or as
1435     to which notice has been recorded with the State Tax Commission.
1436          (3) (a) Before delivery or payment to an owner under Subsection (1) of property or
1437     payment to the owner of net proceeds of a sale of the property, the administrator first shall
1438     apply the property or net proceeds to a debt under Subsection (2) the administrator determines
1439     is owed by the owner.
1440          (b) The administrator shall pay the amount to the appropriate state agency and notify
1441     the owner of the payment.
1442          (4) (a) The administrator may make periodic inquiries of state agencies in the absence
1443     of a claim filed under Section 67-4a-903 to determine whether an apparent owner included in
1444     the unclaimed property records of this state has enforceable debts described in Subsection (2).
1445          (b) The administrator first shall apply the property or net proceeds of a sale of property
1446     held by the administrator to a debt under Subsection (2) of an apparent owner that appears in
1447     the records of the administrator and deliver the amount to the appropriate state agency.
1448          (c) The administrator shall notify the apparent owner of the payment.
1449          Section 57. Section 67-4a-906 is enacted to read:
1450          67-4a-906. Action by person whose claim is denied.
1451          Not later than one year after filing a claim under Subsection 67-4a-903(1), the claimant
1452     may commence an action against the administrator in the district court to establish a claim that
1453     has been denied or considered denied under Subsection 67-4a-904(2).
1454          Section 58. Section 67-4a-1001 is enacted to read:
1455     
Part 10. Verified Report of Property and Examination of Records

1456          67-4a-1001. Verified report of property.
1457          (1) If a person does not file a report required by Section 67-4a-401 or the administrator

1458     believes that a person may have filed an inaccurate, incomplete, or false report, the
1459     administrator may require the person to file a verified report in a form prescribed by the
1460     administrator.
1461          (2) The verified report under Subsection (1) shall:
1462          (a) state whether the person is holding property reportable under this chapter;
1463          (b) describe property not previously reported or about which the administrator has
1464     inquired;
1465          (c) specifically identify property described under Subsection (2)(b) about which there is
1466     a dispute whether it is reportable under this chapter; and
1467          (d) state the amount or value of the property.
1468          Section 59. Section 67-4a-1002 is enacted to read:
1469          67-4a-1002. Examination of records to determine compliance.
1470          The administrator, at reasonable times and on reasonable notice, may:
1471          (1) examine the records of a person, including examination of appropriate records in
1472     the possession of an agent of the person under examination, if the records are reasonably
1473     necessary to determine whether the person has complied with this chapter;
1474          (2) issue an administrative subpoena requiring the person or agent of the person to
1475     make records available for examination; and
1476          (3) bring an action seeking judicial enforcement of the subpoena.
1477          Section 60. Section 67-4a-1003 is enacted to read:
1478          67-4a-1003. Rules for conducting examination.
1479          (1) (a) The administrator may adopt rules governing procedures and standards for an
1480     examination under Section 67-4a-1002.
1481          (b) The rules may reference any standards concerning unclaimed property
1482     examinations promulgated by the National Association of Unclaimed Property Administrators.
1483          (2) An examination under Section 67-4a-1002 shall be performed under rules adopted
1484     under Subsection (1).
1485          (3) If a person subject to examination under Section 67-4a-1002 has filed the reports

1486     required under Section 67-4a-401 and Section 67-4a-1001 and has retained the records required
1487     by Section 67-4a-404, the following rules apply:
1488          (a) the examination shall include a review of the person's records;
1489          (b) the examination may not be based on an estimate unless the person expressly
1490     consents in a record to the use of an estimate; and
1491          (c) the person conducting the examination shall consider the evidence presented in
1492     good faith by the person in preparing the findings of the examination under Section
1493     67-4a-1007.
1494          Section 61. Section 67-4a-1004 is enacted to read:
1495          67-4a-1004. Records obtained in examination.
1496          Records obtained and records, including work papers, compiled by the administrator in
1497     the course of conducting an examination under Section 67-4a-1002:
1498          (1) are subject to the confidentiality and security provisions of Part 14, Confidentiality
1499     and Security of Information, and are not public records;
1500          (2) may be used by the administrator in an action to collect property or otherwise
1501     enforce this chapter;
1502          (3) may be used in a joint examination conducted with another state, the United States,
1503     a foreign country or subordinate unit of a foreign country, or any other governmental entity if
1504     the governmental entity conducting the examination is legally bound to maintain the
1505     confidentiality and security of information obtained from a person subject to examination in a
1506     manner substantially equivalent to Part 14, Confidentiality and Security of Information;
1507          (4) shall be disclosed, on request, to the person that administers the unclaimed property
1508     law of another state for that state's use in circumstances equivalent to circumstances described
1509     in this part, if the other state is required to maintain the confidentiality and security of
1510     information obtained in a manner substantially equivalent to Part 14, Confidentiality and
1511     Security of Information;
1512          (5) shall be produced by the administrator under an administrative or judicial subpoena
1513     or administrative or court order; and

1514          (6) shall be produced by the administrator on request of the person subject to the
1515     examination in an administrative or judicial proceeding relating to the property.
1516          Section 62. Section 67-4a-1005 is enacted to read:
1517          67-4a-1005. Evidence of unpaid debt or undischarged obligation.
1518          (1) A record of a putative holder showing an unpaid debt or undischarged obligation is
1519     prima facie evidence of the debt or obligation.
1520          (2) A putative holder may establish by a preponderance of the evidence that there is no
1521     unpaid debt or undischarged obligation for a debt or obligation described in Subsection (1) or
1522     that the debt or obligation was not, or no longer is, a fixed and certain obligation of the putative
1523     holder.
1524          (3) A putative holder may overcome prima facie evidence under Subsection (1) by
1525     establishing by a preponderance of the evidence that a check, draft, or similar instrument was:
1526          (a) issued as an unaccepted offer in settlement of an unliquidated amount;
1527          (b) issued but later was replaced with another instrument because the earlier instrument
1528     was lost or contained an error that was corrected;
1529          (c) issued to a party affiliated with the issuer;
1530          (d) paid, satisfied, or discharged;
1531          (e) issued in error;
1532          (f) issued without consideration;
1533          (g) issued but there was a failure of consideration;
1534          (h) voided within a reasonable time after issuance for a valid business reason set forth
1535     in a contemporaneous record; or
1536          (i) issued but not delivered to the third-party payee for a sufficient reason recorded
1537     within a reasonable time after issuance.
1538          (4) In asserting a defense under this section, a putative holder may present evidence of
1539     a course of dealing between the putative holder and the apparent owner or of custom and
1540     practice.
1541          Section 63. Section 67-4a-1006 is enacted to read:

1542          67-4a-1006. Failure of person examined to retain records.
1543          (1) If a person subject to examination under Section 67-4a-1002 does not retain the
1544     records required by Section 67-4a-404, the administrator may determine the value of property
1545     due using a reasonable method of estimation based on all information available to the
1546     administrator, including extrapolation and use of statistical sampling when appropriate and
1547     necessary, consistent with examination procedures and standards adopted under Subsection
1548     67-4a-1003(1) and in accordance with Subsection 67-4a-1003(2).
1549          (2) A payment made based on estimation under this section is a penalty for failure to
1550     maintain the records required by Section 67-4a-404 and does not relieve a person from an
1551     obligation to report and deliver property to a state in which the holder is domiciled.
1552          Section 64. Section 67-4a-1007 is enacted to read:
1553          67-4a-1007. Report to person whose records were examined.
1554          At the conclusion of an examination under Section 67-4a-1002, unless waived in
1555     writing by the person being examined, the administrator shall provide to the person whose
1556     records were examined a report that specifies:
1557          (1) the work performed;
1558          (2) the property types reviewed;
1559          (3) the methodology of any estimation technique, extrapolation, or statistical sampling
1560     used in conducting the examination;
1561          (4) each calculation showing the value of property determined to be due; and
1562          (5) the findings of the person conducting the examination.
1563          Section 65. Section 67-4a-1008 is enacted to read:
1564          67-4a-1008. Informal conference.
1565          (1) If a person subject to examination under Section 67-4a-1002 believes the person
1566     conducting the examination has made an unreasonable or unauthorized request or is not
1567     proceeding expeditiously to complete the examination, the person in a record may request an
1568     informal conference with the administrator.
1569          (2) (a) If a person in a record requests an informal conference with the administrator,

1570     the administrator shall hold the informal conference not later than 30 days after receiving the
1571     request.
1572          (b) For good cause, and after notice in a record to the person requesting an informal
1573     conference, the administrator may extend the time for the holding of an informal conference.
1574          (c) The administrator may hold the informal conference in person, by telephone, or by
1575     electronic means.
1576          (3) If an informal conference is held under Subsection (2), not later than 30 days after
1577     the conference ends, the administrator shall provide a response to the person that requested the
1578     conference.
1579          (4) (a) The administrator may deny a request for an informal conference under this
1580     section if the administrator reasonably believes that the request was made in bad faith or
1581     primarily to delay the examination.
1582          (b) If the administrator denies a request for an informal conference, the denial shall be
1583     in a record provided to the person requesting the informal conference.
1584          Section 66. Section 67-4a-1009 is enacted to read:
1585          67-4a-1009. Administrator's contract with another to conduct examination.
1586          (1) The administrator may contract with a person to conduct an examination under this
1587     chapter.
1588          (2) If the administrator contracts with a person under Subsection (1):
1589          (a) the contract may provide for compensation of the person based on a fixed fee,
1590     hourly fee, or contingent fee; and
1591          (b) a contingent fee arrangement may not provide for a payment that exceeds 15% of
1592     the amount or value of property paid or delivered as a result of the examination.
1593          (3) A contract under Subsection (1) is a public record under Section 63G-2-301.
1594          Section 67. Section 67-4a-1010 is enacted to read:
1595          67-4a-1010. Report by administrator to state official.
1596          (1) Not later than three months after the end of the fiscal year, the administrator shall
1597     compile and submit a report to the treasurer, president of the Senate, and speaker of the House.

1598          (2) The report shall contain the following information about property presumed
1599     abandoned for the preceding fiscal year for the state:
1600          (a) the total amount and value of all property paid or delivered under this chapter to the
1601     administrator, separated into:
1602          (i) the part voluntarily paid or delivered; and
1603          (ii) the part paid or delivered as a result of an examination under Section 67-4a-1002;
1604          (b) the total amount and value of all property paid or delivered by the administrator to
1605     persons that made claims for property held by the administrator;
1606          (c) the total amount expended to provide notice to apparent owners under Section
1607     67-4a-503; and
1608          (d) other information the administrator believes would be useful or informative.
1609          Section 68. Section 67-4a-1011 is enacted to read:
1610          67-4a-1011. Determination of liability for unreported reportable property.
1611          If the administrator determines from an examination conducted under Section
1612     67-4a-1002 that a putative holder failed or refused to pay or deliver to the administrator
1613     property that is reportable under this chapter, the administrator shall issue a determination of
1614     the putative holder's liability to pay or deliver and give notice in a record to the putative holder
1615     of the determination.
1616          Section 69. Section 67-4a-1101 is enacted to read:
1617     
Part 11. Determination of Liability and

1618     
Putative Holder Remedies

1619          67-4a-1101. Informal conference.
1620          (1) (a) Not later than 30 days after receipt of a notice under Section 67-4a-1011, the
1621     putative holder may request an informal conference with the administrator to review the
1622     determination.
1623          (b) Except as otherwise provided in this section, the administrator may designate an
1624     employee to act on behalf of the administrator.
1625          (2) If a putative holder makes a timely request under Subsection (1) for an informal

1626     conference:
1627          (a) not later than 20 days after the date of the request, the administrator shall set the
1628     time and place of the conference;
1629          (b) the administrator shall give the putative holder notice in a record of the time and
1630     place of the conference;
1631          (c) the conference may be held in person, by telephone, or by electronic means, as
1632     determined by the administrator;
1633          (d) the request tolls the 90-day period under Sections 67-4a-1103 and 67-4a-1104 until
1634     notice of a decision under Subsection (2)(g) has been given to the putative holder or the
1635     putative holder withdraws the request for the conference;
1636          (e) the conference may be postponed, adjourned, and reconvened as the administrator
1637     determines appropriate;
1638          (f) the administrator or the administrator's designee with the approval of the
1639     administrator may modify a determination made under Section 67-4a-1011 or withdraw it; and
1640          (g) the administrator shall issue a decision in a record and provide a copy of the record
1641     to the putative holder and examiner not later than 20 days after the conference ends.
1642          (3) (a) A conference under Subsection (2) is not an administrative remedy and is not a
1643     contested case subject to the state administrative procedure act.
1644          (b) An oath is not required and rules of evidence do not apply in the conference.
1645          (4) At a conference under Subsection (2), the putative holder shall be given an
1646     opportunity to confer informally with the administrator and the person that examined the
1647     records of the putative holder to:
1648          (a) discuss the determination made under Section 67-4a-1011; and
1649          (b) present any issue concerning the validity of the determination.
1650          (5) If the administrator fails to act within the period prescribed in Subsection (2)(a) or
1651     (g), the failure does not affect a right of the administrator, except that interest does not accrue
1652     on the amount for which the putative holder was determined to be liable under Section
1653     67-4a-1011 during the period in which the administrator failed to act until the earlier of:

1654          (a) the date under Section 67-4a-1103 the putative holder initiates administrative
1655     review or files an action under Section 67-4a-1104; or
1656          (b) 90 days after the putative holder received notice of the administrator's
1657     determination under Section 67-4a-1011 if no review was initiated under Section 67-4a-1103
1658     and no action was filed under Section 67-4a-1104.
1659          (6) The administrator may hold an informal conference with a putative holder about a
1660     determination under Section 67-4a-1011 without a request at any time before the putative
1661     holder initiates administrative review under Section 67-4a-1103 or files an action under Section
1662     67-4a-1104.
1663          (7) Interest and penalties under Section 67-4a-1204 continue to accrue on property not
1664     reported, paid, or delivered as required by this chapter after the initiation, and during the
1665     pendency, of an informal conference under this section.
1666          Section 70. Section 67-4a-1102 is enacted to read:
1667          67-4a-1102. Review of administrator's determination.
1668          A putative holder may seek relief from a determination under Section 67-4a-1011 by:
1669          (1) administrative review under Section 67-4a-1103; or
1670          (2) judicial review under Section 67-4a-1104.
1671          Section 71. Section 67-4a-1103 is enacted to read:
1672          67-4a-1103. Administrative review.
1673          (1) Not later than 30 days after receiving notice of the administrator's determination
1674     under Section 67-4a-1011, a putative holder may initiate a proceeding under Section
1675     63G-4-301 for review of the administrator's determination.
1676          (2) A final decision in an administrative proceeding initiated under Subsection (1) is
1677     subject to judicial review by the district court as a matter of right in a de novo proceeding on
1678     the record in which either party is entitled to introduce evidence as a supplement to the record.
1679          Section 72. Section 67-4a-1104 is enacted to read:
1680          67-4a-1104. Judicial remedy.
1681          (1) Not later than 90 days after receiving notice of the administrator's determination

1682     under Section 67-4a-1011, the putative holder may:
1683          (a) file an action against the administrator in the district court challenging the
1684     administrator's determination of liability and seeking a declaration that the determination is
1685     unenforceable, in whole or in part; or
1686          (b) pay the amount or deliver the property determined by the administrator to be paid
1687     or delivered to the administrator and, not later than six months after payment or delivery, file
1688     an action against the administrator in the district court for a refund of all or part of the amount
1689     paid or return of all or part of the property delivered.
1690          (2) If a putative holder pays or delivers property the administrator determined shall be
1691     paid or delivered to the administrator at any time after the putative holder files an action under
1692     Subsection (1)(a), the court shall continue the action as if the action had been filed originally as
1693     an action for a refund or return of property under Subsection (1)(b).
1694          (3) On the final determination of an action filed under Subsection (1), the court may,
1695     on application, award to the prevailing party the prevailing party's reasonable attorney fees,
1696     costs, and expenses of litigation.
1697          (4) A putative holder that is the prevailing party in an action under this section for
1698     refund of money paid to the administrator is entitled to interest on the amount refunded, at the
1699     same rate a holder is required to pay to the administrator under Subsection 67-4a-1204(1), from
1700     the date paid to the administrator until the date of the refund.
1701          Section 73. Section 67-4a-1201 is enacted to read:
1702     
Part 12. Enforcement by Administrator

1703          67-4a-1201. Judicial action to enforce liability.
1704          (1) (a) If a determination under Section 67-4a-1011 becomes final and is not subject to
1705     administrative or judicial review, the administrator may commence an action in the district
1706     court or in a district court of another state to enforce the determination and secure payment or
1707     delivery of past due, unpaid, or undelivered property.
1708          (b) The action shall be brought not later than one year after the determination becomes
1709     final.

1710          (2) In an action under Subsection (1), if no court in this state has jurisdiction over the
1711     defendant, the administrator may commence an action in any court having jurisdiction over the
1712     defendant.
1713          Section 74. Section 67-4a-1202 is enacted to read:
1714          67-4a-1202. Interstate and international agreement -- Cooperation.
1715          (1) Subject to Subsection (2), the administrator may:
1716          (a) exchange information with another state or foreign country relating to property
1717     presumed abandoned or relating to the possible existence of property presumed abandoned; and
1718          (b) authorize in a record another state or foreign country or a person acting on behalf of
1719     the other state or foreign country to examine the other state or foreign country's records of a
1720     putative holder as provided in Part 10, Verified Report of Property and Examination of
1721     Records.
1722          (2) An exchange or examination under Subsection (1) may be done only if the state or
1723     foreign country has confidentiality and security requirements substantially equivalent to those
1724     in Part 14, Confidentiality and Security of Information, or agrees in a record to be bound by
1725     this state's confidentiality and security requirements.
1726          Section 75. Section 67-4a-1203 is enacted to read:
1727          67-4a-1203. Action involving another state or foreign country.
1728          (1) The administrator may join another state or foreign country to examine and seek
1729     enforcement of this chapter against a putative holder.
1730          (2) On request of another state or foreign country, the attorney general may commence
1731     an action on behalf of the other state or foreign country to enforce, in this state, the law of the
1732     other state or foreign country against a putative holder subject to a claim by the other state or
1733     foreign country, if the other state or foreign country agrees to pay costs incurred by the attorney
1734     general in the action.
1735          (3) (a) The administrator may request the official authorized to enforce the unclaimed
1736     property law of another state or foreign country to commence an action to recover property in
1737     the other state or foreign country on behalf of the administrator.

1738          (b) This state shall pay the costs, including reasonable attorney fees and expenses,
1739     incurred by the other state or foreign country in an action under this Subsection (3).
1740          (4) The administrator may pursue an action on behalf of this state to recover property
1741     subject to this chapter but delivered to the custody of another state if the administrator believes
1742     the property is subject to the custody of the administrator.
1743          (5) The attorney general may retain an attorney for the administrator in this state,
1744     another state, or a foreign country to commence an action to recover property on behalf of the
1745     administrator and may agree to pay attorney fees based in whole or in part on a fixed fee, an
1746     hourly fee, or a percentage of the amount or value of property recovered in the action.
1747          (6) (a) Expenses incurred by this state in an action under this section may be paid from
1748     property received under this chapter or the net proceeds of the property.
1749          (b) Expenses paid to recover property may not be deducted from the amount that is
1750     subject to a claim under this chapter by the owner.
1751          Section 76. Section 67-4a-1204 is enacted to read:
1752          67-4a-1204. Interest and penalty for failure to act in timely manner.
1753          (1) A holder that fails to report, pay, or deliver property within the time prescribed by
1754     this chapter shall pay to the administrator interest at an annual rate calculated based on the
1755     federal short-term rate determined by the secretary of the treasury under Section 6621, Internal
1756     Revenue Code, in effect for the preceding fourth calendar quarter plus four percentage points
1757     on the property or value of the property from the date the property should have been reported,
1758     paid, or delivered to the administrator until the date reported, paid, or delivered.
1759          (2) Except as otherwise provided in Section 67-4a-1205 or 67-4a-1206, the
1760     administrator may require a holder that fails to report, pay, or deliver property within the time
1761     prescribed by this chapter to pay to the administrator, in addition to interest included under
1762     Subsection (1), a civil penalty of $200 for each day the duty is not performed, up to a
1763     cumulative maximum amount of $5,000.
1764          Section 77. Section 67-4a-1205 is enacted to read:
1765          67-4a-1205. Other civil penalties.

1766          (1) If a holder enters into a contract or other arrangement for the purpose of evading an
1767     obligation under this chapter or otherwise willfully fails to perform a duty imposed on the
1768     holder under this chapter, the administrator may require the holder to pay the administrator, in
1769     addition to interest as provided in Subsection 67-4a-1204(1), a civil penalty of $1,000 for each
1770     day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount
1771     of $25,000, plus 25% of the amount or value of property that should have been but was not
1772     reported, paid, or delivered as a result of the evasion or failure to perform.
1773          (2) If a holder makes a fraudulent report under this chapter, the administrator may
1774     require the holder to pay to the administrator, in addition to interest under Subsection
1775     67-4a-1204(1), a civil penalty of $1,000 for each day from the date the report was made until
1776     corrected, up to a cumulative maximum of $25,000, plus 25% of the amount or value of any
1777     property that should have been reported but was not included in the report or was under
1778     reported.
1779          Section 78. Section 67-4a-1206 is enacted to read:
1780          67-4a-1206. Waiver of interest and penalty.
1781          The administrator:
1782          (1) may waive, in whole or in part, interest under Subsection 67-4a-1204(1) and
1783     penalties under Subsection 67-4a-1204(2) or Section 67-4a-1205; and
1784          (2) may waive a penalty under Subsection 67-4a-1204(2) if the administrator
1785     determines that the holder acted in good faith and without negligence.
1786          Section 79. Section 67-4a-1301 is enacted to read:
1787     
Part 13. Agreement to Locate Property of Apparent

1788     
Owner Held by Administrator

1789          67-4a-1301. When agreement to locate property enforceable.
1790          An agreement by an apparent owner and another person, the primary purpose of which
1791     is to locate, deliver, recover, or assist in the location, delivery, or recovery of property held by
1792     the administrator, is enforceable only if the agreement:
1793          (1) is in a record that clearly states the nature of the property and the services to be

1794     provided;
1795          (2) is signed by or on behalf of the apparent owner; and
1796          (3) states the amount or value of the property reasonably expected to be recovered,
1797     computed before and after a fee or other compensation to be paid to the person has been
1798     deducted.
1799          Section 80. Section 67-4a-1302 is enacted to read:
1800          67-4a-1302. When agreement to locate property void.
1801          (1) Subject to Subsection (2), an agreement under Section 67-4a-1301 is void if the
1802     agreement is entered into during the period beginning on the date the property was paid or
1803     delivered by a holder to the administrator and ending 24 months after the payment or delivery.
1804          (2) If a provision in an agreement described in Subsection (1) applies to mineral
1805     proceeds for which compensation is to be paid to the other person based in whole or in part on
1806     a part of the underlying minerals or mineral proceeds not then presumed abandoned, the
1807     provision is void regardless of when the agreement was entered into.
1808          (3) (a) An agreement under Subsection (1) that provides for compensation in an
1809     amount that is unconscionable is unenforceable except by the apparent owner.
1810          (b) An apparent owner that believes the compensation the apparent owner has agreed
1811     to pay is unconscionable or the administrator, acting on behalf of an apparent owner, or both,
1812     may file an action in the district court to reduce the compensation to the maximum amount that
1813     is not unconscionable.
1814          (c) On the final determination of an action filed under this Subsection (3), the court
1815     may, on application, award the prevailing party the prevailing party's reasonable attorney fees,
1816     costs, and expenses of litigation.
1817          (4) An apparent owner or the administrator may assert that an agreement described in
1818     this section is void on a ground other than it provides for payment of unconscionable
1819     compensation.
1820          (5) This section does not apply to an apparent owner's agreement with an attorney to
1821     pursue a claim for recovery of specifically identified property held by the administrator or to

1822     contest the administrator's denial of a claim for recovery of the property.
1823          Section 81. Section 67-4a-1303 is enacted to read:
1824          67-4a-1303. Right of agent of apparent owner to recover property held by
1825     administrator.
1826          (1) (a) An apparent owner that contracts with another person to locate, deliver, recover,
1827     or assist in the location, delivery, or recovery of property of the apparent owner that is held by
1828     the administrator may designate the person as the agent of the apparent owner.
1829          (b) The designation under Subsection (1)(a) shall be in a record signed by the apparent
1830     owner.
1831          (2) The administrator shall give the agent of the apparent owner all information
1832     concerning the property that the apparent owner is entitled to receive, including information
1833     that otherwise is confidential information under Section 67-4a-1402.
1834          (3) If authorized by the apparent owner, the agent of the apparent owner may bring an
1835     action against the administrator on behalf of and in the name of the apparent owner.
1836          Section 82. Section 67-4a-1401 is enacted to read:
1837     
Part 14. Confidentiality and Security of Information

1838          67-4a-1401. Definitions -- Applicability.
1839          (1) As used in this part, "personal information" means:
1840          (a) information that identifies or reasonably can be used to identify an individual, such
1841     as first and last name in combination with the individual's:
1842          (i) social security number or other government-issued number or identifier;
1843          (ii) date of birth;
1844          (iii) home or physical address;
1845          (iv) electronic mail address or other online contact information or Internet provider
1846     address;
1847          (v) financial account number or credit or debit card number;
1848          (vi) biometric data, health or medical data, or insurance information; or
1849          (vii) passwords or other credentials that permit access to an online or other account;

1850          (b) personally identifiable financial or insurance information, including nonpublic
1851     personal information defined by applicable federal law; and
1852          (c) any combination of data that, if accessed, disclosed, modified, or destroyed without
1853     authorization of the owner of the data, or if lost or misused, would require notice or reporting
1854     under Section 13-44-202 and federal privacy and data security law, regardless of whether the
1855     administrator or the administrator's agent is subject to the law.
1856          (2) A provision of this part that applies to the administrator or the administrator's
1857     records applies to an administrator's agent.
1858          Section 83. Section 67-4a-1402 is enacted to read:
1859          67-4a-1402. Confidential information.
1860          (1) Except as otherwise provided in this chapter, the following are confidential and
1861     exempt from public inspection or disclosure:
1862          (a) records of the administrator and the administrator's agent related to the
1863     administration of this chapter;
1864          (b) reports and records of a holder in the possession of the administrator or the
1865     administrator's agent; and
1866          (c) personal information and other information derived or otherwise obtained by or
1867     communicated to the administrator or the administrator's agent from an examination under this
1868     chapter of the records of a person.
1869          (2) A record or other information that is confidential under the law of this state other
1870     than in this chapter, another state, or the United States continues to be confidential when
1871     disclosed or delivered under this chapter to the administrator or the administrator's agent.
1872          Section 84. Section 67-4a-1403 is enacted to read:
1873          67-4a-1403. When confidential information may be disclosed.
1874          (1) When reasonably necessary to enforce or implement this chapter, the administrator
1875     may disclose confidential information concerning property held by the administrator or the
1876     administrator's agent only to:
1877          (a) an apparent owner or the apparent owner's personal representative, attorney, other

1878     legal representative, relative, or agent designated under Section 67-4a-1303 to have the
1879     information;
1880          (b) the personal representative, other legal representative, relative of a deceased
1881     apparent owner, agent designated under Section 67-4a-1303 by the deceased apparent owner,
1882     or person entitled to inherit from the deceased apparent owner;
1883          (c) another department or agency of this state or of the United States;
1884          (d) the person that administers the unclaimed property law of another state, if the other
1885     state accords substantially reciprocal privileges to the administrator of this state if the other
1886     state is required to maintain the confidentiality and security of information obtained in a
1887     manner substantially equivalent to Part 14, Confidentiality and Security of Information; or
1888          (e) a person subject to an examination as required by Subsection 67-4a-1004(6).
1889          (2) (a) Except as otherwise provided in Subsection 67-4a-1402(1), the administrator
1890     shall include on the website or in the database required by Subsection 67-4a-503(4)(a) the
1891     name of each apparent owner of property held by the administrator.
1892          (b) The administrator may include in published notices, printed publications,
1893     telecommunications, the Internet, other media, on the website, or in the database additional
1894     information concerning the apparent owner's property if the administrator believes the
1895     information will assist in identifying and returning property to the owner and does not disclose
1896     personal information except the home or physical address of an apparent owner.
1897          (3) The administrator and the administrator's agent may not use confidential
1898     information provided to the administrator or the administrator's agent or in the administrator or
1899     the administrator's agent's possession except as expressly authorized by this chapter or required
1900     by law other than in this chapter.
1901          Section 85. Section 67-4a-1404 is enacted to read:
1902          67-4a-1404. Confidentiality agreement.
1903          A person to be examined under Section 67-4a-1002 may require, as a condition of
1904     disclosure of the records of the person to be examined, that each person having access to the
1905     records disclosed in the examination execute and deliver to the person to be examined a

1906     confidentiality agreement that:
1907          (1) is in a form that is reasonably satisfactory to the administrator; and
1908          (2) requires the person having access to the records to comply with the provisions of
1909     this part applicable to the person.
1910          Section 86. Section 67-4a-1405 is enacted to read:
1911          67-4a-1405. No confidential information in notice.
1912          Except as otherwise provided in Sections 67-4a-501 and 67-4a-502, a holder is not
1913     required under this chapter to include confidential information in a notice the holder is required
1914     to provide to an apparent owner under this chapter.
1915          Section 87. Section 67-4a-1406 is enacted to read:
1916          67-4a-1406. Security of information.
1917          (1) If a holder is required to include confidential information in a report to the
1918     administrator, the information shall be provided by a secure means.
1919          (2) If confidential information in a record is provided to and maintained by the
1920     administrator or the administrator's agent as required by this chapter, the administrator or the
1921     administrator's agent shall:
1922          (a) implement administrative, technical, and physical safeguards to protect the security,
1923     confidentiality, and integrity of the information required by Section 13-44-202 and federal
1924     privacy and data security law regardless of whether the administrator or the administrator's
1925     agent is subject to the law;
1926          (b) protect against reasonably anticipated threats or hazards to the security,
1927     confidentiality, or integrity of the information; and
1928          (c) protect against unauthorized access to or use of the information that could result in
1929     substantial harm or inconvenience to a holder or the holder's customers, including insureds,
1930     annuitants, and policy or contract owners and the insureds', annuitants', and policy or contract
1931     owners' beneficiaries.
1932          (3) The administrator:
1933          (a) after notice and comment, shall adopt and implement a security plan that identifies

1934     and assesses reasonably foreseeable internal and external risks to confidential information in
1935     the administrator's possession and seeks to mitigate the risks; and
1936          (b) shall ensure that an administrator's agent adopts and implements a similar plan with
1937     respect to confidential information in the administrator's agent's possession.
1938          (4) The administrator and the administrator's agent shall educate and train the
1939     administrator's and the administrator's agent's employees regarding the plan adopted under
1940     Subsection (3).
1941          (5) The administrator and the administrator's agent shall in a secure manner return or
1942     destroy all confidential information no longer reasonably needed under this chapter.
1943          Section 88. Section 67-4a-1407 is enacted to read:
1944          67-4a-1407. Security breach.
1945          (1) Except to the extent prohibited by law other than in this chapter, the administrator
1946     or the administrator's agent shall notify a holder as soon as practicable of:
1947          (a) a suspected loss, misuse, unauthorized access, disclosure, modification, or
1948     destruction of confidential information obtained from the holder in the possession of the
1949     administrator or the administrator's agent; and
1950          (b) any interference with operations in any system hosting or housing confidential
1951     information that:
1952          (i) compromises the security, confidentiality, or integrity of the information; or
1953          (ii) creates a substantial risk of identity fraud or theft.
1954          (2) Except as necessary to inform an insurer, attorney, investigator, or others as
1955     required by law, the administrator and the administrator's agent may not disclose, without the
1956     express consent in a record of the holder, an event described in Subsection (1) to a person
1957     whose confidential information was supplied by the holder.
1958          (3) If an event described in Subsection (1) occurs, the administrator and the
1959     administrator's agent shall:
1960          (a) take action necessary for the holder to understand and minimize the effect of the
1961     event and determine the event's scope; and

1962          (b) cooperate with the holder with respect to:
1963          (i) any notification required by law concerning a data or other security breach; and
1964          (ii) a regulatory inquiry, litigation, or similar action.
1965          Section 89. Section 67-4a-1408 is enacted to read:
1966          67-4a-1408. Indemnification for breach.
1967          (1) If a claim is made or action commenced arising out of an event described in
1968     Subsection 67-4a-1407(1) relating to confidential information possessed by the administrator,
1969     this state shall indemnify, defend, and hold harmless a holder and the holder's affiliates,
1970     officers, directors, employees, and agents as to:
1971          (a) any claim or action; and
1972          (b) a liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge, or
1973     other expense, including reasonable attorney fees and costs, established by the claim or action.
1974          (2) If a claim is made or action commenced arising out of an event described in
1975     Subsection 67-4a-1407(1) relating to confidential information possessed by an administrator's
1976     agent, the administrator's agent shall indemnify, defend, and hold harmless a holder and the
1977     holder's affiliates, officers, directors, employees, and agents as to:
1978          (a) any claim or action; and
1979          (b) a liability, obligation, loss, damage, cost, fee, penalty, fine, settlement, charge, or
1980     other expense, including reasonable attorney fees and costs, established by the claim or action.
1981          (3) The administrator shall require the administrator's agent that will receive
1982     confidential information required under this chapter to maintain adequate insurance for
1983     indemnification obligations of the administrator's agent under Subsection (2).
1984          (4) The agent required to maintain the insurance shall provide evidence of the
1985     insurance to:
1986          (a) the administrator not less frequently than annually; and
1987          (b) the holder on commencement of an examination and annually thereafter until all
1988     confidential information is returned or destroyed under Subsection 67-4a-1406(5).
1989          Section 90. Section 67-4a-1501 is enacted to read:

1990     
Part 15. Miscellaneous Provisions

1991          67-4a-1501. Uniformity of application and construction.
1992          In applying and construing this uniform chapter, consideration shall be given to the
1993     need to promote uniformity of the law with respect to the chapter's subject matter among states
1994     that enact it.
1995          Section 91. Section 67-4a-1502 is enacted to read:
1996          67-4a-1502. Relation to Electronic Signatures in Global and National Commerce
1997     Act.
1998          This chapter modifies, limits, or supersedes the Electronic Signatures in Global and
1999     National Commerce Act, 15 U.S.C. Sec. 7001 et seq., except this chapter does not:
2000          (1) modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Sec. 7001(c); or
2001          (2) authorize electronic delivery of any of the notices described in Section 103(b) of
2002     that act, 15 U.S.C. Sec. 7003(b).
2003          Section 92. Section 67-4a-1503 is enacted to read:
2004          67-4a-1503. Transitional provision.
2005          (1) An initial report filed under this chapter for property that was not required to be
2006     reported before May 9, 2017, but that is required to be reported under this chapter, shall include
2007     all items of property that would have been presumed abandoned during the 10-year period
2008     preceding May 9, 2017, as if this chapter had been in effect during that period.
2009          (2) This chapter does not relieve a holder of a duty that arose before May 9, 2017, to
2010     report, pay, or deliver property.
2011          (3) Subject to Subsections 67-4a-610(2) and (3), a holder that did not comply with the
2012     law governing unclaimed property before May 9, 2017, is subject to applicable provisions for
2013     enforcement and penalties in effect before May 9, 2017.
2014          Section 93. Section 67-4a-1504 is enacted to read:
2015          67-4a-1504. Severability.
2016          If any provision of this chapter or its application to any person or circumstance is held
2017     invalid, the invalidity does not affect other provisions or applications of this chapter that can be

2018     given effect without the invalid provision or application, and to this end the provisions of this
2019     chapter are severable.
2020          Section 94. Section 78B-6-816 is amended to read:
2021          78B-6-816. Abandoned premises -- Retaking and rerenting by owner -- Liability
2022     of tenant -- Personal property of tenant left on premises.
2023          (1) In the event of abandonment, the owner may retake the premises and attempt to rent
2024     them at a fair rental value and the tenant who abandoned the premises shall be liable:
2025          (a) for the entire rent due for the remainder of the term; or
2026          (b) for rent accrued during the period necessary to rerent the premises at a fair rental
2027     value, plus the difference between the fair rental value and the rent agreed to in the prior rental
2028     agreement, plus a reasonable commission for the renting of the premises and the costs, if any,
2029     necessary to restore the rental unit to its condition when rented by the tenant less normal wear
2030     and tear. This Subsection (1) applies, if less than Subsection (1)(a), notwithstanding that the
2031     owner did not rerent the premises.
2032          (2) (a) If the tenant has abandoned the premises and has left personal property on the
2033     premises, the owner is entitled to remove the property from the dwelling, store it for the tenant,
2034     and recover actual moving and storage costs from the tenant.
2035          (b) (i) The owner shall post a copy of the notice in a conspicuous place and send by
2036     first class mail to the last known address for the tenant a notice that the property is considered
2037     abandoned.
2038          (ii) The tenant may retrieve the property within 15 calendar days from the date of the
2039     notice if the tenant tenders payment of all costs of inventory, moving, and storage to the owner.
2040          (iii) Except as provided in Subsection (5), if the property has been in storage for at
2041     least 15 calendar days and the tenant has made no reasonable effort to recover the property after
2042     notice was sent, pay reasonable costs associated with the inventory, removal, and storage, and
2043     no court hearing on the property is pending, the owner may:
2044          (A) sell the property at a public sale and apply the proceeds toward any amount the
2045     tenant owes; or

2046          (B) donate the property to charity if the donation is a commercially reasonable
2047     alternative.
2048          (c) Any money left over from the public sale of the property shall be handled as
2049     specified in Title 67, Chapter 4a, Part 2, [Standards for Determining When Property Is
2050     Abandoned or Unclaimed] Presumption of Abandonment .
2051          (d) Nothing contained in this act shall be in derogation of or alter the owner's rights
2052     under Title 38, Chapter 3, Lessors' Liens, or any other contractual liens or rights.
2053          (3) If abandoned property is determined to belong to a person who is the tenant or an
2054     occupant, the tenant or occupant may claim the property, upon payment of any costs, inventory,
2055     moving, and storage, by delivery of a written demand with evidence of ownership of the
2056     personal property within 15 calendar days after the notice described in Subsection (2)(b) is
2057     sent. The owner may not be liable for the loss of the abandoned personal property if the
2058     written demand is not received.
2059          (4) As used in this section, "personal property" does not include a motor vehicle, as
2060     defined in Section 41-1a-102.
2061          (5) A tenant has no recourse for damage or loss if the tenant fails to recover any
2062     abandoned property as required in this section.
2063          (6) An owner is not required to store the following abandoned personal property:
2064          (a) chemicals, pests, potentially dangerous or other hazardous materials;
2065          (b) animals, including dogs, cats, fish, reptiles, rodents, birds, or other pets;
2066          (c) gas, fireworks, combustibles, or any item considered to be hazardous or explosive;
2067          (d) garbage;
2068          (e) perishable items; or
2069          (f) items that when placed in storage might create a hazardous condition or a pest
2070     control issue.
2071          (7) An owner shall give an extension for up to 15 calendar days, beyond the 15
2072     calendar day limit described in Subsection (2)(b)(ii), to recover the abandoned property, if a
2073     tenant provides:

2074          (a) a copy of a police report or protection order for situations of domestic violence, as
2075     defined in Section 77-36-1;
2076          (b) verification of an extended hospitalization from a verified medical provider; or
2077          (c) a death certificate or obituary for a tenant's death, provided by an immediate family
2078     member.
2079          (8) Items listed in Subsection (6) may be properly disposed of by the owner
2080     immediately upon determination of abandonment. A tenant may not recover for disposal of
2081     abandoned items listed in Subsection (6).
2082          (9) Notice of any public sale shall be mailed to the last known address of the tenant at
2083     least five calendar days prior to the public sale.
2084          (10) If the tenant is present at the public sale:
2085          (a) the tenant may specify the order in which the personal property is sold;
2086          (b) the owner may sell only as much personal property necessary to satisfy the amount
2087     due under the rental agreement and statutorily allowed damages, costs, and fees associated with
2088     the abandoned items; and
2089          (c) any unsold personal property shall be released to the tenant.
2090          (11) If the tenant is not present at the public sale:
2091          (a) all items may be sold; and
2092          (b) any surplus amount over the amount due to the owner shall be paid to the tenant, if
2093     the tenant's current location is known. If the tenant's location is not known, any surplus shall
2094     be disposed of in accordance with Title 67, Chapter 4a, [Unclaimed Property Act] Revised
2095     Uniform Unclaimed Property Act .
2096          Section 95. Repealer.
2097          This bill repeals:
2098          Section 67-4a-210, Property held by courts and public agencies.
2099          Section 67-4a-211, Gift certificates -- Credit memos -- Gift cards.
2100          Section 67-4a-212, Wages.
2101          Section 67-4a-213, Contents of safe deposit box or other safekeeping repository.

2102          Section 67-4a-214, Mineral proceeds.