The governor of Delaware signed a bill June 30, 2021 that will add \”virtual currency,\” including cryptocurrency, to the definition of property subject to reporting requirements for unclaimed property effective August 1, 2021.
The Illinois State Treasurer is authorized to (at least annually) share with the Illinois Department of Revenue the names (and social security numbers, if available) of people who appear to own unclaimed property held by the State Treasurer.
The Consumer Financial Protection Bureau (CFPB) ruled that unclaimed property laws in Maine and Tennessee that deem gift cards as abandoned property if not used within a certain period are preempted by federal law.
Select Medical Corporation (Select Medical) filed suit in federal district court seeking to enjoin Delaware from enforcing an unclaimed property assessment issued for years that had been resolved already through the state\’s voluntary disclosure program.
When the unclaimed property’s value is worth more than $50 but less than $1,000, notice may be mailed via first class mail; if value if $1,000 or more holders must now send notice via certified mail, return receipt requested. Holders…