Governor signs law expanding protections and recovery for unclaimed property

The governor signed Senate Bill 5316, which officials said strengthens consumer protections for various kinds of unclaimed property in Washington state. Event remarks described the bill as clarifying legal definitions and abandonment periods, improving administrative procedures for the state's unclaimed-property program, and providing safeguards against exorbitant locator fees.

Why it matters: The law is intended to make it easier for Washington residents to find and recover property they did not know was held by the state and to curb high fees charged by some private 'locator' services, officials said at the ceremony.

What the bill does: According to remarks at the signing, SB 5316 revises statutory definitions and administrative procedures governing the unclaimed-property program, extends or clarifies abandonment periods for certain property types, and includes protections intended to limit exorbitant locator fees. The signing remarks credited Sen. Paul Harris as prime sponsor and thanked Rep. Amy Wallen for sponsoring the companion bill in the House.

Event details: Officials completed a ceremonial signing and paused for photographs. Attendees thanked staff and sponsors; the event featured new blue pens used for signatures. No legislative vote counts or timelines for implementation were provided during the ceremony.

What’s next: The bill was enacted at the signing event; officials did not state an effective date at the ceremony. Consumers seeking more information were advised (during remarks) that they can search the state's unclaimed-property program, though specific search instructions were not provided at the event.

Attribution: Summaries and direct phrasing in this article are taken from officials' remarks made at the signing ceremony.