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House passes unclaimed property reform shortening dormancy periods and simplifying reporting
Summary
The House approved HB 131 to align Utah with the Uniform Unclaimed Property Act, reducing dormancy and record-retention periods and eliminating state interest payments; supporters said it simplifies reporting for businesses and yields a one-time fiscal gain.
The Utah House on Jan. 30 approved HB 131 to bring the state—s unclaimed property law into alignment with the Uniform Unclaimed Property Act and to simplify reporting by holders. Representative Bradshaw, who introduced the pink-sheet amendment adopted on the floor, said the measure shortens dormancy periods for bank deposits, checks and stock dividends from seven years to five and reduces…
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