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HB686

Unclaimed property; deposits and funds with financial institutions, charges and interest.

Status:
Enacted

Chief Patron:
Margaret Ransone (R)

Session:
2018 Regular Session

Summary

As Passed Both Chambers. Unclaimed property; deposits with financial institutions; charges and interest.

Clarifies the criteria that must be met for a bank or other financial organization to impose charges or cease to pay interest on a dormant or inactive account that differ from those imposed on active accounts. The holder may reverse or cancel dormancy charges or retroactively credit interest upon the request of the owner if it also does so for all such property that becomes subject to certain statutory reporting requirements regarding unclaimed property. If the holder elects not to reverse or cancel dormancy charges or retroactively credit interest with respect to any such property, then it is not required to reverse or cancel dormancy charges or retroactively credit interest for property that becomes subject to the reporting requirements regarding unclaimed property. A holder may also reverse or cancel dormancy charges or retroactively credit interest with respect to any or all such property to correct a documented internal error without becoming required to reverse or cancel dormancy charges or retroactively credit interest for all such property that becomes subject to unclaimed property reporting requirements. An enactment states that the measure is declarative of existing law. This bill is identical to SB 253. (Less)

  • Bill History

  • 01/09/2018 - House: Prefiled and ordered printed; offered 01/10/18 18102283D
  • 01/09/2018 - House: Referred to Committee for Courts of Justice
  • 01/16/2018 - House: Assigned Courts sub: Subcommittee #2
  • 01/17/2018 - House: Subcommittee recommends reporting with substitute (8-Y 0-N)
  • 01/26/2018 - House: Impact statement from DPB (HB686)
  • 01/29/2018 - House: Reported from Courts of Justice with substitute (18-Y 0-N)
  • 01/29/2018 - House: Committee substitute printed 18105321D-H1
  • 01/31/2018 - House: Read first time
  • 02/01/2018 - House: Read second time
  • 02/01/2018 - House: Committee substitute agreed to 18105321D-H1
  • 02/01/2018 - House: Engrossed by House - committee substitute HB686H1
  • 02/02/2018 - House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
  • 02/02/2018 - House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
  • 02/05/2018 - Senate: Constitutional reading dispensed
  • 02/05/2018 - Senate: Referred to Committee on Commerce and Labor
  • 02/06/2018 - House: Impact statement from DPB (HB686H1)
  • 02/26/2018 - Senate: Reported from Commerce and Labor with substitute (14-Y 0-N)
  • 02/26/2018 - Senate: Committee substitute printed 18107136D-S1
  • 02/28/2018 - Senate: Constitutional reading dispensed (40-Y 0-N)
  • 02/28/2018 - House: Impact statement from DPB (HB686S1)
  • 03/01/2018 - Senate: Read third time
  • 03/01/2018 - Senate: Reading of substitute waived
  • 03/01/2018 - Senate: Committee substitute agreed to 18107136D-S1
  • 03/01/2018 - Senate: Engrossed by Senate - committee substitute HB686S1
  • 03/01/2018 - Senate: Passed Senate with substitute (40-Y 0-N)
  • 03/05/2018 - House: Placed on Calendar
  • 03/05/2018 - House: Senate substitute agreed to by House 18107136D-S1 (99-Y 0-N)
  • 03/05/2018 - House: VOTE: ADOPTION (99-Y 0-N)
  • 03/07/2018 - House: Enrolled
  • 03/07/2018 - House: Bill text as passed House and Senate (HB686ER)
  • 03/07/2018 - House: Impact statement from DPB (HB686ER)
  • 03/07/2018 - House: Signed by Speaker
  • 03/09/2018 - Senate: Signed by President
  • 03/15/2018 - House: Enrolled Bill communicated to Governor on March 15, 2018
  • 03/15/2018 - Governor: Governor's Action Deadline Midnight, April 9, 2018
  • 03/23/2018 - Governor: Approved by Governor-Chapter 439 (effective 7/1/18)
  • 03/23/2018 - Governor: Acts of Assembly Chapter text (CHAP0439)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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