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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 permit Internet sales of tangible unclaimed property. Hunsaker said the changes bring Utah into closer alignment with other states and ease reporting burdens for multi‑state organizations.
Representative Clark offered an amendment deleting specific lines and adjusting punctuation; Hunsaker indicated he would not resist the amendment. After summation and a motion to proceed under suspension of the rules, the House read the bill for second and third readings and voted to pass HB 75 as amended (69 yes, 1 no). The bill was referred to the Senate.
What it means: The bill shortens some dormancy timelines and creates administrative changes intended to make reporting easier and permit modern mechanisms for transfer and sale of unclaimed assets. Supporters described the change as conforming Utah to national practice and reducing holder burden.
Next steps: HB 75 will be transmitted to the Senate for its consideration.
