Update on ULC Revision of Unclaimed Property Act


Stephen Kranz and Diann Smith discussed the Uniform Law Commission (ULC) effort to revise the 1995 Uniform Unclaimed Property Act. Mr. Kranz suggested that state tax administrators and their contingent fee audit firms are “the most active in advocating for changes that would, quite frankly, harm holders and benefit states and their bounty hunters.” Ms. Smith noted that the large number of states involved means “the discussions and the comments that holders have on these different issues are things that some of the state administrators may take to heart,” making it “a good way to get a point across to state administrators, not just to the ULC.”