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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 removes an annual reporting requirement for the Department of Revenue. Staff said the measure would raise state receipts: the fiscal note estimates an additional $4.6 million in the 2025‑27 biennium and $6.2 million in 2027‑29.
Steve Ewing of the Department of Revenue, which administers Washington’s unclaimed property program, described the bill as a follow‑up to earlier statutory updates and said the changes would help the agency operate the program ‘‘consistently and at a high standard.’’ He said the changes would strengthen consumer protections by lowering reporting thresholds and improving holder guidance.
County treasurers and local officials generally supported the bill but asked for clearer language to reinstate a statutory limit on locator or finder fees that they say protects vulnerable claimants. Jackie Brunson, Skagit County treasurer and legislative chair for the Washington State Association of County Treasurers, told the committee that after earlier statutory changes some private firms began charging owners excessive fees—sometimes over 30%—to recover unclaimed property and that reinstituting a cap will protect seniors and other vulnerable owners. The department and treasurers said they were working on an amendment to address that concern.
Jennifer Wallace of the Washington Association of County Officials likewise urged reinstating a limitation on third‑party fees for recovery of unclaimed property and said members had observed predatory practices in related public‑records services.
The hearing concluded with staff and stakeholders indicating they will continue to refine bill language and prepare an amendment to address the fee‑cap concern.
