Amends TCA Title 66, Chapter 29.

This bill revises various provisions of the Uniform Unclaimed Property Act, as follows:<br /> <br /> (1) Presumption of abandonment of tax-deferred retirement account. Generally under present law, property held in a pension account or retirement account that qualifies for tax deferral under federal income tax laws (except for property held in a governmental plan) is presumed abandoned if it is unclaimed by the apparent owner three years after the later of:<br /> <br /> (A) The date a second consecutive communication sent by the holder to the apparent owner is returned to the holder undelivered by the United States postal service, or, if the second communication is sent later than 30 days after the date the first communication is returned undelivered, the date the first communication was returned undelivered by the United States postal service; or<br /> <br /> (B) The earlier of:<br /> <br /> (i) The date the apparent owner becomes 70.5 years of age, if determinable by the holder; or<br /> <br /> (ii) If the Internal Revenue Code requires distribution, two (years after the date the holder in the ordinary course of its business receives confirmation of the death of the apparent owner.<br /> <br /> This bill makes the above provisions also applicable to property held in a Roth IRA, and revises item (1)(B)(i) above to refer to the date, if determinable by the holder, specified in federal income tax laws by which distribution of the property must begin in order to avoid a tax penalty; provided, however, that for the purpose of determining a holder's reporting obligation pursuant to this section, Roth IRAs are treated like tax deferred retirement accounts.<br /> <br /> (2) Report required by holder. Present law requires a holder of property presumed abandoned and subject to the custody of the treasurer to report in a record to the treasurer concerning the property. Present law sets out in detail the information to be included in the report, which includes, if known, the name, last known address, date of birth, and social security number or taxpayer identification number of the apparent owner of property with a value of $50.00 or more (except for the report of a traveler's check, money order, or similar instrument). This bill changes the dollar amount triggering the recording requirement from $50.00 to $25.00.<br /> <br /> (3) Claim of property by owner. Under present law, a person claiming to be the owner of property held by the treasurer may file a claim for the property. The treasurer may waive the requirement to file a claim and pay or deliver property directly to an agency, local government, public institution of higher education, or local education agency, of this state if:<br /> <br /> (A) The entity receiving the property or payment is shown to be the same entity as the apparent owner included on a filed report; and<br /> <br /> (B) The treasurer reasonably believes the entity is entitled to receive the property or payment.<br /> <br /> This bill revises the above provision to remove the reference to the treasurer "paying or delivering property directly to an agency, local government, public institution of higher education, or local education agency" and specifies that the property may be paid or delivered to "any person" if the requirements of (A) and (B) are met.<br />