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House amends and passes updates to Unclaimed Property Act
Summary
Lawmakers passed changes to Utah's Unclaimed Property Act, shortening dormancy periods for certain property, raising the reporting threshold and permitting electronic processing; Representative Clark offered an agreed amendment and the House passed the bill under suspension of the rules.
Representative Hunsaker presented House Bill 75 to modernize Utah’s unclaimed‑property law. He said the revisions reduce the dormancy period for some classes of property from five years to three, raise the aggregate reporting threshold from $25 to $50, allow electronic transfer of securities and…
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