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Committee hears agency bill to tighten unclaimed property rules, reduce thresholds and shorten abandonment period for prearranged funeral trusts
Summary
House Bill 11‑27, a Department of Revenue request to revise Washington's unclaimed property laws, was heard by the House Finance Committee; proponents said the changes would accelerate return of funds to owners and curb predatory finder‑fee practices.
House Bill 11‑27, an agency‑request bill from the Department of Revenue to revise Washington's unclaimed property rules, received a staff briefing and multiple proponents in a House Finance Committee public hearing.
Committee staff explained that the bill modifies definitions, dormancy/abandonment periods, due‑diligence notification thresholds and reporting procedures under the Revised Uniform Unclaimed Property Act. Among notable provisions, the bill would reduce the due‑diligence notification threshold to $50 (sponsor later described reducing it further to $5), clarify treatment of prearranged funeral service contract trusts and shorten their abandonment period from 50 years to the standard three years. The Department of Revenue (DOR) provided a fiscal estimate that the bill would increase general‑revenue receipts by approximately $2.2 million in fiscal year 2026 and $2.4 million in fiscal year 2027, primarily due to accelerated reporting for prearranged funeral trust amounts; net first‑biennium revenue of about $4.6 million was cited and larger increases in later outlook years were estimated.
Representative Wallen, the bill's prime sponsor, said the bill was the result of 18 months of study and aims to put more money back in hands of rightful owners, including reducing the handling of small uncashed amounts that otherwise become aggregated by holders. Department of Revenue staff said the bill aligns statutory language with current administration practices and that an amendment responding to stakeholder feedback was expected.
County treasurers and county officials testified in support, raising concerns about predatory businesses charging owners high fees to locate unclaimed property; Skagit County Treasurer Jackie Brunson said treasurers across the state were seeing businesses charge owners more than $30 to find property owners could claim for free through DOR. The Washington Association of County Officials asked for clarifying language to ensure such practices fall within consumer protection frameworks.
No opposition testimony was recorded. The committee closed the hearing on HB 11‑27 and indicated staff and sponsors would continue to work on stakeholder language for the committee's amendment packet.
