THE LATEST INTERESTING & USEFUL UNCLAIMED PROPERTY NEWS:

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• Indiana offers amnesty program - Holders must enroll by October 31, 2010
• Fed finalizes regulations related to gift cards & prepaid instruments
• Delaware projects revenue increases from abandoned property collections
• Missouri and 35 other states reach $22 million settlement with Sprint
• CA, Inc. settles litigation with Delaware - see Settlement Agreement
• New Arizona law shortening dormancy periods will require 2 reports in 2010
• Industrial park cannot repay $20 million borrowed from NC unclaimed property fund
• Natural gas royalties kept in escrow subject of escheat debate in Virginia
• Nevada governor fights budget woes by appropriating $3.8 million from unclaimed property program
• State of Georgia said to be holding nearly $1 billion in unclaimed funds
• Nebraska candidates discuss the abolition of State Treasurer's Office
• Federal Reserve publishes proposed regulations on gift card sales associated with the Card Act
• California introduces bill that would make unredeemed gift certificates reportable as unclaimed property
• Federal protections on gift cards kick in on August 22, 2010
• Arkansas Unclaimed Property Division changes its physical address
• California enacts HB1291 - altering report procedures and certain holder protections
• 9th Circuit rules that owners are entitled to interest on unclaimed property in California
• Gift Cards: What Congress Gives, the States Take Away
• WSJ Artcle:  Governments Grab Unused Gift Cards
• Illinois sues Coldwell Banker over retained earnest monies
• California Supreme Court rules that a holder is not immune from liability when reporting shares of stock to state
• Delaware HB 285 would provide appeals process & statute of limitations for escheat actions
• Sharon Steel bankruptcy reopened to disseminate unclaimed funds held by Pennsylvania Treasury
• Texas makes changes to unclaimed property reporting requirements
• Connecticut Superior Court refuses to grant injunction regarding bottle deposits
• Vermont passes legislation permitting the escheatment of funds to the state's higher education endowment
• U.S. Senate Bill 827 - "Unclaimed Savings Bond Act of 2009"
• OH Supreme Court holds that the state must pay interest on owners' unclaimed property claims
• Texas HB 1007 would make expiration dates impermissible on stored value cards
• Tennessee HB 764 would require small balances on gift cards to be redeemable in cash
• State Representative claims escheat threatens businesses in Delaware
• West Virginia House Majority Leader proposed tapping state unclaimed property fund to make bond payments
• California unclaimed property program gets some unwanted international attention
• Maryland HB 126 proposes reversal of gift card exemption
• Commentary on Young America case - Minnesota joins litigation
• Council on State Taxation releases a state-by-state Unclaimed Property Scorecard
• U.S. Senator Charles Schumer proposes "Fair Gift Card Act"
• Delaware abandoned property tough to claim
• Illinois limits fees for offering to find and recover abandoned property
• Connecticut bottle deposit laws to be expanded to close budget shortfall
• PA Supreme Court denies interest accrual for owner of stock; equivocates claim to "abandoned suitcase of cash"
• Florida raids its unclaimed property fund - transferring $48 million
• Arkansas taps unclaimed property fund to the tune of $13.7 million
• Connecticut campaign finance law comes under fire for use of unclaimed property funds
• British Columbia, Canada enacts new gift card restrictions
• New IRS Field Advisory re: gift card companies
• Simon Property Group loses appeal in New York class-action case
• 9th Circuit holds that owners do not retain a constitutional right to accrued interest on unclaimed property
• Article about Young America rebate litigation
• Delaware shortens the dormancy period for reporting securities to 3 years - signed into law June 30, 2008
• Illinois offering a formal amnesty program for holders
• California gift card law requires merchants to refund cash if amount is less than $10
• California looking to extend dormancy periods to 5 years for most property types - A.B. 2221
• Nevada Treasurer closes budget gap with unclaimed property -- more audits key  |  one article calls it "creative economics"
• Iowa revises petition in Young America case - adds T-Mobile USA & Walgreen's as defendants
• Internal e-mail from California Controller's Office regarding recent notification program
• North Carolina Court of Appeals rules state may keep interest earned on unclaimed property held in custody
• US Supreme Court says it will not hear escheat case: Arnett v. Combs  | more info on the case
• CNN.com unclaimed property article
• State audit report identifies weak controls in Connecticut Unclaimed Property Divison
• Wall Street Journal unclaimed property article [02/04/08]
  
• California Controller John Chiang comments on audit of state-employed contract auditors

                        View the independent auditor results:  ASUS  |  ACS

• Sample Audit Procedures for unclaimed property

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