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H2920.2 ___HOUSE BILL 2179 ___State of Washington66th Legislature 2019 Regular Session Representative PellicciottiAN ACT Relating to transferring the unclaimed property program administration to the
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Unclaimed property law refers to regulations that govern the handling of financial assets that have been abandoned or left unclaimed by their owners for a specified period of time. This includes items such as bank accounts, stocks, and insurance payouts.
Businesses, financial institutions, and government agencies that hold or manage property that qualifies as unclaimed are required to file unclaimed property reports and remit the property to the appropriate state authorities.
To fill out unclaimed property filings, organizations should gather all relevant information about the unclaimed assets, complete the appropriate state forms, provide the necessary owner details and property descriptions, and submit the reports by the state’s guidelines.
The purpose of unclaimed property law is to protect consumers by ensuring that abandoned or unclaimed assets are returned to their rightful owners, while also providing a means for states to manage these properties for public benefit.
The information required for reporting under unclaimed property law typically includes the owner's name, last known address, social security number, the amount or value of the property, and the nature of the property.
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