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SB253

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

Status:
Enacted

Chief Patron:
Rosalyn Dance (D)

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 HB 686. (Less)

  • Bill History

  • 01/05/2018 - Senate: Prefiled and ordered printed; offered 01/10/18 18102238D
  • 01/05/2018 - Senate: Referred to Committee for Courts of Justice
  • 01/15/2018 - Senate: Rereferred from Courts of Justice (15-Y 0-N)
  • 01/15/2018 - Senate: Rereferred to Commerce and Labor
  • 01/26/2018 - Senate: Impact statement from DPB (SB253)
  • 02/07/2018 - Senate: Reported from Commerce and Labor with substitute (9-Y 0-N)
  • 02/07/2018 - Senate: Committee substitute printed 18105490D-S1
  • 02/09/2018 - Senate: Constitutional reading dispensed (38-Y 0-N)
  • 02/12/2018 - Senate: Read second time
  • 02/12/2018 - Senate: Reading of substitute waived
  • 02/12/2018 - Senate: Committee substitute agreed to 18105490D-S1
  • 02/12/2018 - Senate: Engrossed by Senate - committee substitute SB253S1
  • 02/12/2018 - Senate: Constitutional reading dispensed (40-Y 0-N)
  • 02/12/2018 - Senate: Passed Senate (40-Y 0-N)
  • 02/15/2018 - House: Placed on Calendar
  • 02/15/2018 - House: Read first time
  • 02/15/2018 - House: Referred to Committee on Commerce and Labor
  • 02/20/2018 - House: Reported from Commerce and Labor with substitute (22-Y 0-N)
  • 02/20/2018 - House: Committee substitute printed 18107253D-H1
  • 02/22/2018 - House: Read second time
  • 02/23/2018 - House: Read third time
  • 02/23/2018 - House: Committee substitute agreed to 18107253D-H1
  • 02/23/2018 - House: Engrossed by House - committee substitute SB253H1
  • 02/23/2018 - House: Passed House with substitute BLOCK VOTE (98-Y 0-N)
  • 02/23/2018 - House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
  • 02/27/2018 - Senate: House substitute agreed to by Senate (40-Y 0-N)
  • 02/27/2018 - Senate: Title replaced 18107253D-H1
  • 02/28/2018 - Senate: Impact statement from DPB (SB253H1)
  • 03/01/2018 - Senate: Enrolled
  • 03/01/2018 - Senate: Bill text as passed Senate and House (SB253ER)
  • 03/01/2018 - Senate: Impact statement from DPB (SB253ER)
  • 03/01/2018 - House: Signed by Speaker
  • 03/03/2018 - Senate: Signed by President
  • 03/06/2018 - Senate: Enrolled Bill Communicated to Governor on March 6, 2018
  • 03/06/2018 - Governor: Governor's Action Deadline Midnight, April 9, 2018
  • 03/19/2018 - Governor: Approved by Governor-Chapter 359 (effective 7/1/18)
  • 03/19/2018 - Governor: Acts of Assembly Chapter text (CHAP0359)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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