LD 303
pg. 3
Page 2 of 3 An Act to Amend the Uniform Unclaimed Property Act LD 303 Title Page
Download Bill Text
LR 712
Item 1

 
5. It requires the administrator to prove that unclaimed property
is being held by a holder before the administrator may fine the
holder or business for not reporting. Currently, the administrator
fines people, even if they do not hold abandoned property, for not
reporting since the administrator presumes certain businesses must
hold abandoned property.

 
6. It reduces from 10 years to 6 years the length of time a
business must maintain records. This time period equals the
general statute of limitations.


Page 2 of 3 Top of Page LD 303 Title Page