1     
UNCLAIMED PROPERTY ACT AMENDMENTS

2     
2018 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 amends provisions of the Revised Uniform Unclaimed Property Act.
10     Highlighted Provisions:
11          This bill:
12          ▸     defines terms;
13          ▸     subjects a stored-value card and a payroll card to the Revised Uniform Unclaimed
14     Property Act;
15          ▸     provides a time period after which a stored-value card is considered unclaimed
16     property;
17          ▸     exempts a 529 educational savings account from certain provisions;
18          ▸     addresses the State Tax Commission's responsibilities with regards to unclaimed
19     property; and
20          ▸     makes conforming changes.
21     Money Appropriated in this Bill:
22          None
23     Other Special Clauses:
24          None
25     Utah Code Sections Affected:
26     AMENDS:
27          31A-22-1903, as last amended by Laws of Utah 2017, Chapter 371
28          67-4a-102, as repealed and reenacted by Laws of Utah 2017, Chapter 371
29          67-4a-201, as repealed and reenacted by Laws of Utah 2017, Chapter 371
30          67-4a-204, as repealed and reenacted by Laws of Utah 2017, Chapter 371
31          67-4a-503, as enacted by Laws of Utah 2017, Chapter 371
32     

33     Be it enacted by the Legislature of the state of Utah:
34          Section 1. Section 31A-22-1903 is amended to read:
35          31A-22-1903. Insurer conduct.
36          (1) An insurer shall perform a comparison of its insureds' in-force policies, contracts,
37     and retained asset accounts against a death master file, on at least a semi-annual basis, by using
38     the full death master file once and thereafter using the death master file update files for future
39     comparisons to identify potential matches of its insureds. For those potential matches
40     identified as a result of a death master file match:
41          (a) The insurer shall within 90 days of a death master file match:
42          (i) complete a good faith effort, that the insurer documents, to confirm the death of the
43     insured or retained asset account holder against other available records and information; and
44          (ii) determine whether benefits are due in accordance with the applicable policy or
45     contract, and if benefits are due in accordance with the applicable policy or contract:
46          (A) use good faith efforts, that the insurer documents, to locate the beneficiary or
47     beneficiaries; and
48          (B) provide the appropriate claims forms or instructions to the beneficiary or
49     beneficiaries to make a claim including the need to provide an official death certificate, if
50     applicable under the policy or contract.
51          (b) With respect to group life insurance, an insurer shall confirm the possible death of
52     an insured when the insurer maintains at least the following information of those covered under
53     a policy or certificate:
54          (i) social security number, or name and date of birth;
55          (ii) beneficiary designation information;
56          (iii) coverage eligibility;
57          (iv) benefit amount; and
58          (v) premium payment status.
59          (c) An insurer shall implement procedures to account for:
60          (i) initials used in lieu of a first or middle name, use of a middle name, compound first
61     and middle names, and interchanged first and middle names;
62          (ii) compound last names, hyphens, and blank spaces or apostrophes in last names; and
63          (iii) transposition of the "month" and "date" portions of the date of birth.
64          (d) To the extent permitted by law, the insurer may disclose minimum necessary
65     personal information about the insured or beneficiary to a person who the insurer reasonably
66     believes may be able to assist the insurer locate the beneficiary or a person otherwise entitled to
67     payment of the claims proceeds.
68          (2) (a) An insurer that has not engaged in asymmetric conduct before July 1, 2015, is
69     not required to comply with the requirements of this section with respect to a policy, annuity,
70     or retained asset account issued or delivered before July 1, 2015.
71          (b) Notwithstanding Subsection (2)(a), an insurer, regardless of whether it has engaged
72     in asymmetric conduct, shall comply with the requirements of this section for a policy, annuity,
73     or retained asset account issued on or after July 1, 2015.
74          (3) An insurer or the insurer's service provider may not charge a beneficiary or other
75     authorized representative for fees or costs associated with a death master file search or
76     verification of a death master file match conducted pursuant to this section.
77          (4) The benefits from a policy, contract, or retained asset account, plus any applicable
78     accrued contractual interest shall first be payable to the designated beneficiaries or owners and
79     in the event said beneficiaries or owners can not be found, shall be transferred to the state as
80     unclaimed property pursuant to Subsection 67-4a-201[(7)](8) . Interest payable under Section
81     31A-22-428 may not be payable as unclaimed property under Subsection 67-4a-201[(7)](8) .
82          (5) An insurer shall notify the administrator upon the expiration of the statutory
83     holding period under Subsection 67-4a-201[(7)](8) that:
84          (a) a policy, contract beneficiary, or retained asset account holder has not submitted a
85     claim with the insurer; and
86          (b) the insurer has complied with Subsection (1) and has been unable, after good faith
87     efforts documented by the insurer, to contact the retained asset account holder, beneficiary, or
88     beneficiaries.
89          (6) Upon such notice, an insurer shall immediately submit the unclaimed policy or
90     contract benefits or unclaimed retained asset accounts, plus any applicable accrued interest, to
91     the administrator.
92          Section 2. Section 67-4a-102 is amended to read:
93          67-4a-102. Definitions.
94          As used in this chapter:
95          (1) "Administrator" means the deputy state treasurer assigned by the state treasurer.
96          (2) (a) "Administrator's agent" means a person with which the administrator contracts
97     to conduct an examination under Part 10, Verified Report of Property and Examination of
98     Records, on behalf of the administrator.
99          (b) "Adminstrator's agent" includes an independent contractor of the person and each
100     individual participating in the examination on behalf of the person or contractor.
101          (3) "Apparent owner" means a person whose name appears on the records of a holder
102     as the owner of property held, issued, or owing by the holder.
103          (4) (a) "Bank draft" means a check, draft, or similar instrument on which a banking or
104     financial organization is directly liable.
105          (b) "Bank draft" includes:
106          (i) a cashier's check; and
107          (ii) a certified check.
108          (c) "Bank draft" does not include:
109          (i) a traveler's check; or
110          (ii) a money order.
111          (5) "Banking organization" means:
112          (a) a bank;
113          (b) an industrial bank;
114          (c) a trust company;
115          (d) a savings bank; or
116          (e) any organization defined by other law as a bank or banking organization.
117          (6) "Business association" means a corporation, joint stock company, investment
118     company other than an investment company registered under the Investment Company Act of
119     1940, partnership, unincorporated association, joint venture, limited liability company,
120     business trust, trust company, land bank, safe deposit company, safekeeping depository,
121     financial organization, banking organization, insurance company, federally chartered entity,
122     utility, sole proprietorship, or other business entity, whether or not for profit.
123          (7) "Cashier's check" means a check that:
124          (a) is drawn by a banking organization on itself;
125          (b) is signed by an officer of the banking organization; and
126          (c) authorizes payment of the amount shown on the check's face to the payee.
127          (8) "Class action" means a legal action:
128          (a) certified by the court as a class action; or
129          (b) treated by the court as a class action without being formally certified as a class
130     action.
131          (9) "Confidential information" means records, reports, and information that is
132     confidential under Section 67-4a-1402.
133          (10) (a) "Deposit in a financial institution" means a demand, savings, or matured time
134     deposit with a banking or financial organization.
135          (b) "Deposit in a financial institution" includes:
136          (i) any interest or dividends on a deposit; and
137          (ii) a deposit that is automatically renewable.
138          (11) "Domicile" means:
139          (a) for a corporation, the state of the corporation's incorporation;
140          (b) for a business association other than a corporation, whose formation requires a
141     filing with a state, the state of the business association's filing;
142          (c) for a federally chartered entity or an investment company registered under the
143     Investment Company Act of 1940, the state of the entity's or company's home office; and
144          (d) for any other holder, the state of the holder's principal place of business.
145          (12) "Electronic" means relating to technology having electrical, digital, magnetic,
146     wireless, optical, electromagnetic, or similar capabilities.
147          (13) "Electronic mail" means a communication by electronic means that is
148     automatically retained and stored and may be readily accessed or retrieved.
149          (14) "Financial organization" means:
150          (a) a savings and loan association; or
151          (b) a credit union.
152          (15) (a) "Game-related digital content" means digital content that exists only in an
153     electronic game or electronic-game platform.
154          (b) "Game-related digital content" includes:
155          (i) game-play currency, including a virtual wallet, even if denominated in United States
156     currency; and
157          (ii) the following, if for use or redemption only within the game or platform or another
158     electronic game or electronic-game platform:
159          (A) points sometimes referred to as gems, tokens, gold, and similar names; and
160          (B) digital codes.
161          (c) "Game-related digital content" does not include an item that the issuer:
162          (i) permits to be redeemed for use outside a game or platform for:
163          (A) money; or
164          (B) goods or services that have more than minimal value; or
165          (ii) otherwise monetizes for use outside a game or platform.
166          (16) (a) "Gift card" means a [payment device such as a plastic card] record that:
167          [(a)] (i) is usable at:
168          [(i)] (A) a single merchant; or
169          [(ii)] (B) [an affiliated] a specified group of merchants; [or]
170          [(iii) multiple, unaffiliated merchants;]
171          [(b) contains a means for the electronic storage of information including:]
172          [(i) a microprocessor chip;]
173          [(ii) a magnetic stripe; or]
174          [(iii) a bar code;]
175          [(c)] (ii) is prefunded before [it] the record is used[, whether or not money may be
176     added to the payment device after it is used]; and
177          [(d)] (iii) [is redeemable for] can be used for purchases of goods or services.
178          (b) "Gift Card" includes a prepaid commercial mobile radio service as defined in 47
179     C.F.R. Sec. 20.3.
180          (17) "Holder" means a person obligated to hold for the account of, or to deliver or pay
181     to, the owner property subject to this chapter.
182          (18) "Insurance company" means an association, corporation, or fraternal or mutual
183     benefit organization, whether or not for profit, engaged in the business of providing life
184     endowments, annuities, or insurance, including:
185          (a) accident insurance;
186          (b) burial insurance;
187          (c) casualty insurance;
188          (d) credit life insurance;
189          (e) contract performance insurance;
190          (f) dental insurance;
191          (g) disability insurance;
192          (h) fidelity insurance;
193          (i) fire insurance;
194          (j) health insurance;
195          (k) hospitalization insurance;
196          (l) illness insurance;
197          (m) life insurance, including endowments and annuities;
198          (n) malpractice insurance;
199          (o) marine insurance;
200          (p) mortgage insurance;
201          (q) surety insurance;
202          (r) wage protection insurance; and
203          (s) worker compensation insurance.
204          (19) "Last known address" means a description of the location of the apparent owner
205     sufficient for the purpose of the delivery of mail.
206          (20) (a) "Loyalty card" means a record given without direct monetary consideration
207     under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be
208     used or redeemed only to obtain goods or services or a discount on goods or services.
209          (b) "Loyalty card" does not include a record that may be redeemed for money or
210     otherwise monetized by the issuer.
211          (21) (a) "Mineral" means any substance that is ordinarily and naturally considered a
212     mineral, regardless of the depth at which the substance is found.
213          (b) "Mineral" includes:
214          (i) building stone;
215          (ii) cement material;
216          (iii) chemical raw material;
217          (iv) coal;
218          (v) colloidal and other clay;
219          (vi) fissionable and nonfissionable ore;
220          (vii) gas;
221          (viii) gemstone;
222          (ix) gravel;
223          (x) lignite;
224          (xi) oil;
225          (xii) oil shale;
226          (xiii) other gaseous liquid or solid hydrocarbon;
227          (xiv) road material;
228          (xv) sand;
229          (xvi) steam and other geothermal resources;
230          (xvii) sulphur; and
231          (xviii) uranium.
232          (22) (a) "Mineral proceeds" means an amount payable:
233          (i) for extraction, production, or sale of minerals; or
234          (ii) for the abandonment of an interest in minerals.
235          (b) "Mineral proceeds" includes an amount payable:
236          (i) for the acquisition and retention of a mineral lease, including a bonus, royalty,
237     compensatory royalty, shut-in royalty, minimum royalty, or delay rental;
238          (ii) for the extraction, production, or sale of minerals, including a net revenue interest,
239     royalty, overriding royalty, extraction payment, or production payment; and
240          (iii) under an agreement or option, including a joint-operating agreement, unit
241     agreement, pooling agreement, and farm-out agreement.
242          (23) (a) "Money order" means a payment order for a specified amount of money.
243          (b) "Money order" includes an express money order and a personal money order on
244     which the remitter is the purchaser.
245          (c) "Money order" does not include a cashier's check.
246          (24) "Municipal bond" means a bond or evidence of indebtedness issued by a
247     municipality or other political subdivision of a state.
248          (25) (a) "Nonfreely transferable security" means a security that cannot be delivered to
249     the administrator by the Depository Trust Clearing Corporation or a similar custodian of
250     securities providing post-trade clearing and settlement services to financial markets or cannot
251     be delivered because there is no agent to effect transfer.
252          (b) "Nonfreely transferable security" includes a worthless security.
253          (26) (a) "Owner" means a person that has a legal, beneficial, or equitable interest in
254     property subject to this chapter or the person's legal representative when acting on behalf of the
255     owner.
256          (b) "Owner" includes:
257          (i) a depositor, for a deposit;
258          (ii) a beneficiary, for a trust other than a deposit in trust;
259          (iii) a creditor, claimant, or payee, for other property; and
260          (iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing
261     of value.
262          (27) "Payroll card" means a record that evidences a payroll card account as defined in
263     12 C.F.R. Part 1005, Electronic Fund Transfers (Regulation E).
264          [(27)] (28) "Person" means:
265          (a) an individual;
266          (b) an estate;
267          (c) a business association;
268          (d) a public corporation;
269          (e) a government entity;
270          (f) an agency;
271          (g) a trust;
272          (h) an instrumentality; or
273          (i) any other legal or commercial entity.
274          [(28)] (29) (a) "Property" means tangible property described in Section 67-4a-205 or a
275     fixed and certain interest in intangible property held, issued, or owed in the course of a holder's
276     business or by a government entity.
277          (b) "Property" includes:
278          (i) all income from or increments to the property;
279          (ii) property referred to as or evidenced by:
280          (A) money, virtual currency, interest, or a dividend, check, draft, or deposit;
281          (B) a credit balance, customer's overpayment, stored-value card, payroll card, security
282     deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an
283     obligation to provide a refund, mineral proceeds, or unidentified remittance; and
284          (C) a security except for:
285          (I) a worthless security; or
286          (II) a security that is subject to a lien, legal hold, or restriction evidenced on the records
287     of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the
288     holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
289          (iii) a bond, debenture, note, or other evidence of indebtedness;
290          (iv) money deposited to redeem a security, make a distribution, or pay a dividend;
291          (v) an amount due and payable under an annuity contract or insurance policy;
292          (vi) an amount distributable from a trust or custodial fund established under a plan to
293     provide health, welfare, pension, vacation, severance, retirement, death, stock purchase,
294     profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit;
295     and
296          (vii) an amount held under a preneed funeral or burial contract, other than a contract
297     for burial rights or opening and closing services, where the contract has not been serviced
298     following the death or the presumed death of the beneficiary.
299          (c) "Property" does not include:
300          (i) property held in a plan described in Section 529A, Internal Revenue Code;
301          (ii) game-related digital content;
302          (iii) a loyalty card;
303          (iv) an in-store credit for returned merchandise; or
304          (v) a gift card.
305          [(29)] (30) "Putative holder" means a person believed by the administrator to be a
306     holder, until:
307          (a) the person pays or delivers to the administrator property subject to this chapter; or
308          (b) the administrator or a court makes a final determination that the person is or is not a
309     holder.
310          [(30)] (31) "Record" means information that is inscribed on a tangible medium or that
311     is stored in an electronic or other medium and is retrievable in perceivable form.
312          [(31)] (32) "Security" means:
313          (a) a security as defined in Revised Article 8 of the Uniform Commercial Code; or
314          (b) a security entitlement as defined in Revised Article 8 of the Uniform Commercial
315     Code, including a customer security account held by a registered broker-dealer, to the extent
316     the financial assets held in the security account are not:
317          (i) registered on the books of the issuer in the name of the person for which the
318     broker-dealer holds the assets;
319          (ii) payable to the order of the person;
320          (iii) specifically endorsed to the person; or
321          (iv) an equity interest in a business association not included in this Subsection [(31)]
322     (32).
323          [(32)] (33) "Sign" means, with present intent to authenticate or adopt a record:
324          (a) to execute or adopt a tangible symbol; or
325          (b) to attach to or logically associate with the record an electronic symbol, sound, or
326     process.
327          [(33)] (34) "State" means a state of the United States, the District of Columbia, the
328     Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular
329     possession subject to the jurisdiction of the United States.
330          (35) (a) "Stored-value card" means a reloadable or non-reloadable record:
331          (i) with a monetary value or amount that can be:
332          (A) used to purchase or otherwise acquire goods or services;
333          (B) used to obtain cash; or
334          (C) redeemed for cash value; and
335          (ii) of which the issuer or the issuer's agent has a record of the name and last known
336     address of the apparent owner and the address is in the state of Utah.
337          (b) "Stored-value card" does not include:
338          (i) a record described in Subsection (35)(a) that is purchased by an intermediary or
339     other party for resale, or as a gift to the card user, when the issuer does not know the name and
340     address of the ultimate buyer or recipient of the record;
341          (ii) a loyalty card;
342          (iii) a gift card; or
343          (iv) game-related digital content.
344          [(34)] (36) "Utility" means a person that owns or operates for public use a plant,
345     equipment, real property, franchise, or license for:
346          (a) the transmission of communications or information;
347          (b) the production, storage, transmission, sale, delivery, or furnishing of electricity,
348     water, steam, or gas; or
349          (c) the provision of sewage or septic services, or trash, garbage, or recycling disposal.
350          [(35)] (37) (a) "Virtual currency" means a digital representation of value used as a
351     medium of exchange, unit of account, or store of value, which does not have legal tender status
352     recognized by the United States.
353          (b) "Virtual currency" does not include:
354          (i) the software or protocols governing the transfer of the digital representation of
355     value;
356          (ii) game-related digital content;
357          (iii) a loyalty card;
358          (iv) membership rewards; or
359          (v) a gift card.
360          [(36)] (38) "Worthless security" means a security whose cost of liquidation and
361     delivery to the administrator would exceed the value of the security on the date a report is due
362     under this chapter.
363          Section 3. Section 67-4a-201 is amended to read:
364          67-4a-201. When property presumed abandoned.
365          Subject to Section 67-4a-208, the following property is presumed abandoned if the
366     property is unclaimed by the apparent owner during the period specified below:
367          (1) a traveler's check, 15 years after issuance;
368          (2) a money order, seven years after issuance;
369          (3) the unredeemed balance of a stored-value card sold or issued on or after May 8,
370     2018, three years after the date of the last indication of interest in the property by the apparent
371     owner;
372          [(3)] (4) a state or municipal bond, bearer bond, or original-issue-discount bond, three
373     years after the earliest of the date the bond matures or is called or the obligation to pay the
374     principal of the bond arises;
375          [(4)] (5) a debt of a business association, three years after the obligation to pay arises;
376          [(5)] (6) a demand, savings, or time deposit, including a deposit that is automatically
377     renewable, three years after the earlier of maturity or the date of the last indication of interest in
378     the property by the apparent owner, except a deposit that is automatically renewable is
379     considered matured on the deposit's initial date of maturity unless the apparent owner
380     consented in a record on file with the holder to renewal at or about the time of the renewal;
381          [(6)] (7) money or a credit owed to a customer as a result of a retail business
382     transaction, other than in-store credit for returned merchandise, three years after the obligation
383     arose;
384          [(7)] (8) an amount owed by an insurance company on a life or endowment insurance
385     policy or an annuity contract that has matured or terminated, three years after the obligation to
386     pay arose under the terms of the policy or contract or, if a policy or contract for which an
387     amount is owed on proof of death has not matured, by proof of the death of the insured or
388     annuitant, as follows:
389          (a) with respect to an amount owed on a life or endowment insurance policy, the earlier
390     of:
391          (i) three years after the policy insurer validates knowledge of the death of the insured;
392     or
393          (ii) three years after the insured has attained, or would have attained if living, the
394     limiting age under the mortality table on which the reserve for the policy is based; and
395          (b) with respect to an amount owed on an annuity contract, three years after the date
396     the annuity contract insurer validates knowledge of the death of the annuitant;
397          [(8)] (9) property distributable by a business association in the course of dissolution,
398     one year after the property becomes distributable;
399          [(9)] (10) property held by a court, including property received as proceeds of a class
400     action, one year after the property becomes distributable;
401          [(10)] (11) property held by a government or governmental subdivision, agency, or
402     instrumentality, including municipal bond interest and unredeemed principal under the
403     administration of a paying agent or indenture trustee, one year after the property becomes
404     distributable;
405          [(11)] (12) wages, commissions, bonuses, or reimbursements to which an employee is
406     entitled, or other compensation for personal services, one year after the amount becomes
407     payable;
408          [(12)] (13) a deposit or refund owed to a subscriber by a utility, one year after the
409     deposit or refund becomes payable; and
410          [(13)] (14) property not specified in this section or Sections 67-4a-202 through
411     67-4a-206, the earlier of three years after the owner first has a right to demand the property or
412     the obligation to pay or distribute the property arises.
413          Section 4. Section 67-4a-204 is amended to read:
414          67-4a-204. When custodial account for minor presumed abandoned.
415          (1) Subject to Section 67-4a-208, and except as provided in Subsection (5), property
416     held in an account established under a state's Uniform Gifts to Minors Act or Uniform
417     Transfers to Minors Act is presumed abandoned if the property is unclaimed by or on behalf of
418     the minor on whose behalf the account was opened three years after the later of:
419          (a) except as in Subsection (1)(b), the date a communication sent by the holder by
420     first-class United States mail to the custodian of the minor on whose behalf the account was
421     opened is returned undelivered to the holder by the United States Postal Service;
422          (b) if communication is re-sent within 30 days after the date the first communication
423     under Subsection (1)(a) is returned undelivered, the date the second communication was
424     returned undelivered; or
425          (c) the date on which the custodian is required to transfer the property to the minor or
426     the minor's estate in accordance with the Uniform Gifts to Minors Act or Uniform Transfers to
427     Minors Act of the state in which the account was opened.
428          (2) (a) Subject to Subsection (2)(b), if the holder does not send communications to the
429     custodian of the minor on whose behalf an account described in Subsection (1) was opened by
430     first-class United States mail on at least an annual basis, the holder shall attempt to confirm the
431     custodian's interest in the property by sending the custodian an electronic mail communication
432     not later than two years after the custodian's last indication of interest in the property.
433          (b) The holder shall promptly attempt to contact the custodian by first-class United
434     States mail if:
435          (i) the holder does not have information needed to send the custodian an electronic
436     mail communication or the holder believes that the custodian's electronic mail address in the
437     holder's records is not valid;
438          (ii) the holder receives notification that the electronic mail communication was not
439     received; or
440          (iii) the custodian does not respond to the electronic mail communication within 30
441     days after the communication was sent.
442          (3) If first-class United States mail sent under Subsection (2) is returned undelivered to
443     the holder by the United States Postal Service, the property is presumed abandoned three years
444     after the later of:
445          (a) the date a second consecutive communication to contact the custodian by first-class
446     United States mail is returned to the holder undelivered by the United States Postal Service; or
447          (b) the date established by Subsection (1)(c).
448          (4) When the property in the account described in Subsection (1) is transferred to the
449     minor on whose behalf an account was opened or to the minor's estate, the property in the
450     account is no longer subject to this section.
451          (5) This section does not apply to a qualified tuition program described in 26 U.S.C.
452     Sec. 529.
453          Section 5. Section 67-4a-503 is amended to read:
454          67-4a-503. Notice by administrator.
455          (1) The administrator shall give notice to an apparent owner that property presumed
456     abandoned and that appears to be owned by the apparent owner is held by the administrator
457     under this chapter.
458          (2) In providing notice under Subsection (1), the administrator shall:
459          (a) except as otherwise provided in Subsection (2)(b), send written notice by first-class
460     United States mail to each apparent owner of property valued at $50 or more held by the
461     administrator, unless the administrator determines that a mailing by first-class United States
462     mail would not be received by the apparent owner, and, in the case of a security held in an
463     account for which the apparent owner had consented to receiving electronic mail from the
464     holder, send notice by electronic mail if the electronic mail address of the apparent owner is
465     known to the administrator instead of by first-class United States mail; or
466          (b) send the notice to the apparent owner's electronic mail address if the administrator
467     does not have a valid United States mail address for an apparent owner, but has an electronic
468     mail address that the administrator does not know to be invalid.
469          (3) In addition to the notice under Subsection (2), the administrator shall publish every
470     12 months in at least one English language newspaper of general circulation in this state notice
471     of property held by the administrator, which shall include:
472          (a) the total value of property received by the administrator during the preceding
473     12-month period, taken from the reports under Section 67-4a-401;
474          (b) the total value of claims paid by the administrator during the preceding 12-month
475     period;
476          (c) the Internet web address of the unclaimed property website maintained by the
477     administrator;
478          (d) a telephone number and electronic mail address to contact the administrator to
479     inquire about or claim property; and
480          (e) a statement that a person may access the Internet by a computer to search for
481     unclaimed property, and a computer may be available as a service to the public at a local public
482     library.
483          (4) (a) The administrator shall maintain a website accessible by the public and
484     electronically searchable that contains the names reported to the administrator of apparent
485     owners for whom property is being held by the administrator.
486          (b) The administrator is not required to list property on the website if:
487          (i) no owner name was reported;
488          (ii) a claim has been initiated or is pending for the property;
489          (iii) the Office of the State Treasurer has made direct contact with the apparent owner
490     of the property; or
491          (iv) the administrator reasonably believes exclusion of the property is in the best
492     interests of both the state and the owner of the property.
493          (5) The website or database maintained under Subsection (4) shall include instructions
494     for filing with the administrator a claim to property and a printable claim form with
495     instructions.
496          (6) (a) At least annually, the administrator shall notify the State Tax Commission of the
497     names [of all] and social security numbers or federal identification numbers of any persons
498     appearing to be owners of abandoned property under this chapter.
499          [(b) The administrator shall also provide to the State Tax Commission the social
500     security numbers of the persons, if available.]
501          [(c)] (b) The State Tax Commission shall:
502          (i) [notify the administrator] determine if any person under Subsection (6)(a) has filed a
503     Utah income tax return in that year; and
504          [(ii) provide the administrator with the person's address that appears on the tax return.]
505          (ii) provide notice to a person described in Subsection (6)(b)(i) that directs the person
506     to access the website described in Subsection (4) for information on property that may be held
507     by the administrator in that person's name.
508          [(d) In] (c) Subject to Subsection (7), in order to facilitate the return of property under
509     this Subsection (6), the administrator and the State Tax Commission may enter into an
510     interagency agreement concerning protection of confidential information, data match rules, and
511     other issues.
512          [(7) (a) If the value of the property that is owed the person is $2,000 or less:]
513          (7) If the administrator and the State Tax Commission enter into an interagency
514     agreement under Subsection (6)(c), for each person that is owed property that has a value of
515     $2,000 or less:
516          (a) the administrator shall deliver the property or pay the amount owed to the person in
517     the manner provided under Section 67-4a-905; and
518          [(i)] (b) the person is not required to file a claim under Section 67-4a-903[; and].
519          [(ii) the administrator shall deliver the property or pay the amount owing to the person
520     in the manner provided under Section 67-4a-905.]
521          [(b) If the value of the property that is owed the person is greater than $2,000,]
522          [the administrator shall send written notice to the person informing the person that the
523     person:]
524          [(i) is the owner of abandoned property held by the state; and]
525          [(ii) may file a claim with the administrator for return of the property.]
526          (8) The administrator may use publicly and commercially available databases to find
527     and update or add information for apparent owners of property held by the administrator.
528          (9) The State Tax Commission may bill the administrator to recover the State Tax
529     Commission's costs for providing the service under this section.
530          [(9)] (10) In addition to giving notice under Subsection (2), publishing the information
531     under Subsection (3), and maintaining the website or database under Subsection (4), the
532     administrator may use other printed publication, telecommunication, the Internet, or other
533     media to inform the public of the existence of unclaimed property held by the administrator.




Legislative Review Note
Office of Legislative Research and General Counsel