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Senate debate focuses on unclaimed property reforms, data protection and outreach
Summary
Lawmakers debated amendments to Utah's unclaimed property statute that would modernize reporting, add encryption for personal data, define virtual currency and remove certain mandatory distribution triggers for retirement plans; sponsors said the changes followed stakeholder negotiations and recommended further interim study on life-insurer obligations.
A Senate sponsor presented a package of amendments to Utah's unclaimed property law that lawmakers said would modernize a statute originating in 1981 and increase the state's ability to return dormant assets to their owners.
The sponsor (identified in the transcript only as the presenting senator) told colleagues that the bill updates reporting standards, requires the unclaimed property division to encrypt certain personal information reported by holders, defines virtual currency…
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