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Committee advances House Bill 165 to clarify unclaimed property and securities rules
Summary
House Bill 165 was sent to the floor with a due-pass recommendation after Representative Joe Alfieri and Treasurer Ellsworth described technical clarifications to the state's unclaimed property and securities codes, including notification timing and alignment with national securities practices.
The House Revenue and Taxation Committee on Feb. 17, 2025, voted to send House Bill 165 to the floor with a due-pass recommendation after sponsor Representative Joe Alfieri (District 4) and Treasurer Ellsworth described technical cleanups to the state's unclaimed property and securities code.
Alfieri told the committee the bill follows recent, broader revisions to the unclaimed property provisions and makes three targeted fixes: it clarifies when a holder must notify a property owner, aligns state securities rules with national practice, and clarifies transitional language related to remittance timing. Alfieri said the holder must notify the apparent owner no later than two…
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