WashingtonSB 53162025-2026 Regular SessionSenateWALLET

Modifying provisions of the revised uniform unclaimed property act.

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Bill Overview

Analyzed Economic Effects

12 provisions identified: 7 benefits, 2 costs, 3 mixed.

Retirement accounts use RMD age

Since January 1, 2023, tax‑deferred retirement accounts follow the required minimum distribution (RMD) age used to avoid tax penalties when setting abandonment timing, if the holder can determine it. If the holder gets a notice that you may be deceased and the RMD rule applies, the holder must try within 90 days to confirm. If the holder does not use first‑class mail, it must email you within two years after your last sign of activity, and switch to mail if the email bounces or you do not respond in 30 days.

Time limits, appeals, and fee caps

Since January 1, 2023, if you filed a compliant report, the state cannot issue a liability determination more than six years later. The state cannot start an exam or action more than ten years after your duty arose. If a refund or return is denied, you can appeal in Thurston County Superior Court within 30 days; trials are new (de novo) and you must prove the correct amount. Contracts that pay exam contractors a contingent fee are capped at 10% of amounts recovered.

Virtual currency must be sold first

If unclaimed property is virtual currency, the holder must liquidate it within 30 days before filing the report. The cash from that sale is sent with the report. You cannot claim any price gains that happen after the sale.

New rules for prepaid funeral trusts

The law treats some prepaid funeral contract trusts as unclaimed property. A contract is presumed abandoned three years after the earlier of the beneficiary’s death, when the person would turn 107, or 50 years after the contract date. If no beneficiary can be found, the trust money goes to the state for safekeeping under unclaimed property rules. When reported, the amount equals the trust balance plus earned interest, minus amounts allowed by law. These rules apply to contracts signed before, on, or after the effective date.

Finder fees for minerals capped

Any recovery agreement for mineral proceeds that charges over 5% of the expected recovery is unenforceable. You keep more of your money if a finder tries to charge more than that cap. Your own agreement with an attorney to recover specific property or contest a denial is not limited by this 5% cap.

Limits on dormancy fees

Starting January 1, 2026, a holder can deduct a dormancy charge only if your contract allows it and the holder regularly charges it. The holder must warn you three months before stopping interest or adding dormancy fees. Any fee must not be unconscionable compared to the holder’s actual costs and services.

More notice and owner info

Starting January 1, 2026, holders must include your name, last address, and SSN/TIN (if known) for items worth $5 or more, except traveler’s checks. Holders must mail you a notice 60–180 days before filing if the item is worth $50 or more, and also email you if you agreed to email and it looks valid. The state must mail notice for property it holds worth $50 or more, and may email you if it has no valid mail address. Holders may report items under $5 in one lump sum and do not need your name unless needed to process your claim. These reporting and notice changes tied to Sections 8 and 10–12 take effect January 1, 2026.

More time before sales or forfeits

Since January 1, 2023, the state cannot sell safe‑deposit‑box contents until at least two years after it receives them. Also since January 1, 2023, extra proceeds from self‑storage sales are not treated as abandoned until one year after the sale. This gives you more time to reclaim items or money.

Privacy for unclaimed property exams

Holder reports, personal data found during examinations, and letters about past or possible exams are confidential. They are exempt from public disclosure unless the law says otherwise. Records already protected by other laws stay protected when shared with the state.

Earlier deadlines and required e-pay

Annual unclaimed property reports are due a day earlier. Most holders must file and pay by October 31 for the year through July 1. Insurers must file and pay by April 30 for the prior calendar year. If you must file electronically, you must also pay electronically unless the state grants relief for good cause.

Administrator report duty repealed

The law removes the requirement for the unclaimed property administrator to send a report to a named state official. This is an internal change and does not change what owners or holders must pay or receive.

Some changes apply from 2023

The law applies several sections retroactively starting January 1, 2023, and also going forward. It names Sections 3–6, 14–17, and 20–23 as effective on that date. This sets the start date for how those parts are applied.

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Sponsors & Cosponsors

Sponsor

Paul Harris
Republican • Senate

Cosponsors

Bob Hasegawa
Democratic • Senate
Deborah Krishnadasan
Democratic • Senate
T'wina Nobles
Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 139 • No: 7

House vote • 3/31/2025

3rd Reading & Final Passage

Yes: 90 • No: 7 • Other: 1

Senate vote • 2/25/2025