A savings account or certified deposit (CD) is considered abandoned five years after the natural maturity date of the account or five years after the last account activity.
A timed deposit (TD) also be considered abandoned one renewal cycle after maturity.
If a company is responsible for managing a securities account and does not regularly mail, they must attempt to contact the account owner every two years by mail, email.
When companies compile their first report subject to these rules, must look back 2 years and report any property considered abandoned under these amended guidelines.
Legislative History
On Feb. 6, 2025, bill was introduced in House; on Feb. 20, 2025, bill passed House.
On Feb. 21, 2025, bill was introduced in Senate; on Mar. 6, 2025, bill passed Senate.
On Mar. 11, 2025, bill was sent to governor; on Mar. 13, 2025, bill signed, Chapter 41.
Effectiveness
Chapter 41, declared an emergency bill, becomes effective on Jul. 1, 2025.
