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Department of Revenue, counties back technical fixes to unclaimed property law; treasurers seek stronger fee protections
Summary
Senate Bill 5316 would amend Washington’s Revised Uniform Unclaimed Property Act with technical clarifications, lower reporting thresholds and administrative changes that the Department of Revenue says will strengthen consumer protections and increase state receipts.
Tianyi Diaz, committee staff, briefed the Senate Ways & Means Committee on Jan. 28 about Senate Bill 5316, an agency‑request bill modifying the Revised Uniform Unclaimed Property Act.
Diaz told the committee the bill clarifies several definitions, abatement periods and administrative procedures, lowers aggregate reporting amounts and reduces the due‑diligence notification threshold to $50 for holders of unclaimed property. The bill also clarifies treatment of prearranged funeral service contract trusts, adjusts due dates and waiting periods and…
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