Unclaimed Property Amendments

19
59-1-403
67-4a-102
67-4a-202
67-4a-203
67-4a-903
67-4a-904
0
Unclaimed Property Amendments
2026 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Todd Weiler
House Sponsor: Anthony E. Loubet
LONG TITLE
General Description:
This bill modifies provisions related to unclaimed property.
Highlighted Provisions:
This bill:
provides for the State Tax Commission to share certain identifying information with the
unclaimed property administrator for purposes of returning unclaimed property;
modifies dates on which unclaimed property held in certain tax-deferred and tax-exempt
accounts is presumed abandoned;
provides for the filing of single claim by multiple claimants for the unclaimed property of
a decedent;
establishes filing requirements for a claim that involves unclaimed property of a decedent;
and
makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
This bill provides a special effective date.
Utah Code Sections Affected:
AMENDS:
59-1-403
Effective
07/01/26
Partially Repealed
07/01/29
, as last amended by Laws of
Utah 2025, Chapters 182, 323, 400, and 498
67-4a-102
Effective
05/06/26
, as last amended by Laws of Utah 2019, Chapter 78
67-4a-202
Effective
05/06/26
, as repealed and reenacted by Laws of Utah 2017,
Chapter 371
67-4a-203
Effective
05/06/26
, as repealed and reenacted by Laws of Utah 2017,
Chapter 371
67-4a-903
Effective
05/06/26
, as enacted by Laws of Utah 2017, Chapter 371
67-4a-904
Effective
05/06/26
, as enacted by Laws of Utah 2017, Chapter 371
Be it enacted by the Legislature of the state of Utah:
Section 1. Section
59-1-403
is amended to read:
59-1-403
Effective
07/01/26
Partially Repealed
07/01/29
. Confidentiality --
Exceptions -- Penalty -- Application to property tax.
(1)
As used in this section:
(a)
"Distributed tax, fee, or charge" means a tax, fee, or charge:
(i)
the commission administers under:
(A)
this title, other than a tax under Chapter 12, Part 2, Local Sales and Use Tax
Act;
(B)
Title 10, Chapter 1, Part 3, Municipal Energy Sales and Use Tax Act;
(C)
Title 10, Chapter 1, Part 4, Municipal Telecommunications License Tax Act;
(D)
Section
19-6-805
;
(E)
Section
63H-1-205
; or
(F)
Title 69, Chapter 2, Part 4, Prepaid Wireless Telecommunications Service
Charges; and
(ii)
with respect to which the commission distributes the revenue collected from the
tax, fee, or charge to a qualifying jurisdiction.
(b)
"GOEO" means the Governor's Office of Economic Opportunity created in Section
63N-1a-301
.
(c)
"Qualifying jurisdiction" means:
(i)
a county, city, or town;
(ii)
the military installation development authority created in Section
63H-1-201
;
(iii)
the Utah Inland Port Authority created in Section
11-58-201
; or
(iv)
the Utah Fairpark Area Investment and Restoration District created in Section
11-70-201
.
(2)
(a)
Any of the following may not divulge or make known in any manner any
information gained by that person from any return filed with the commission:
(i)
a tax commissioner;
(ii)
an agent, clerk, or other officer or employee of the commission; or
(iii)
a representative, agent, clerk, or other officer or employee of any county, city, or
town.
(b)
An official charged with the custody of a return filed with the commission is not
required to produce the return or evidence of anything contained in the return in any
action or proceeding in any court, except:
(i)
in accordance with judicial order;
(ii)
on behalf of the commission in any action or proceeding under:
(A)
this title; or
(B)
other law under which persons are required to file returns with the
commission;
(iii)
on behalf of the commission in any action or proceeding to which the
commission is a party; or
(iv)
on behalf of any party to any action or proceeding under this title if the report or
facts shown by the return are directly involved in the action or proceeding.
(c)
Notwithstanding Subsection
(2)(b)
, a court may require the production of, and may
admit in evidence, any portion of a return or of the facts shown by the return, as are
specifically pertinent to the action or proceeding.
(d)
Notwithstanding any other provision of state law, a person described in Subsection
(2)(a)
may not divulge or make known in any manner any information gained by that
person from any return filed with the commission to the extent that the disclosure is
prohibited under federal law.
(3)
This section does not prohibit:
(a)
a person or that person's duly authorized representative from receiving a copy of any
return or report filed in connection with that person's own tax;
(b)
the publication of statistics as long as the statistics are classified to prevent the
identification of particular reports or returns; and
(c)
the inspection by the attorney general or other legal representative of the state of the
report or return of any taxpayer:
(i)
who brings action to set aside or review a tax based on the report or return;
(ii)
against whom an action or proceeding is contemplated or has been instituted
under this title; or
(iii)
against whom the state has an unsatisfied money judgment.
(4)
(a)
Notwithstanding Subsection
(2)
and for purposes of administration, the
commission may by rule, made in accordance with Title 63G, Chapter 3, Utah
Administrative Rulemaking Act, provide for a reciprocal exchange of information
with:
(i)
the United States Internal Revenue Service; or
(ii)
the revenue service of any other state.
(b)
Notwithstanding Subsection
(2)
and for all taxes except individual income tax and
corporate franchise tax, the commission may by rule, made in accordance with Title
63G, Chapter 3, Utah Administrative Rulemaking Act, share information gathered
from returns and other written statements with the federal government, any other
state, any of the political subdivisions of another state, or any political subdivision of
this state, except as limited by Sections
59-12-209
and
59-12-210
, if the political
subdivision, other state, or the federal government grant substantially similar
privileges to this state.
(c)
Notwithstanding Subsection
(2)
and for all taxes except individual income tax and
corporate franchise tax, the commission may by rule, in accordance with Title 63G,
Chapter 3, Utah Administrative Rulemaking Act, provide for the issuance of
information concerning the identity and other information of taxpayers who have
failed to file tax returns or to pay any tax due.
(d)
Notwithstanding Subsection
(2)
, the commission shall provide to the director of the
Division of Environmental Response and Remediation, as defined in Section
19-6-402
, as requested by the director of the Division of Environmental Response
and Remediation, any records, returns, or other information filed with the
commission under Chapter 13, Motor and Special Fuel Tax Act, or Section
19-6-410.5
regarding the environmental assurance program participation fee.
(e)
Notwithstanding Subsection
(2)
, at the request of any person the commission shall
provide that person sales and purchase volume data reported to the commission on a
report, return, or other information filed with the commission under:
(i)
Chapter 13, Part 2, Motor Fuel; or
(ii)
Chapter 13, Part 4, Aviation Fuel.
(f)
Notwithstanding Subsection
(2)
, upon request from a tobacco product manufacturer,
as defined in Section
59-22-202
, the commission shall report to the manufacturer:
(i)
the quantity of cigarettes, as defined in Section
59-22-202
, produced by the
manufacturer and reported to the commission for the previous calendar year under
Section
59-14-407
; and
(ii)
the quantity of cigarettes, as defined in Section
59-22-202
, produced by the
manufacturer for which a tax refund was granted during the previous calendar
year under Section
59-14-401
and reported to the commission under Subsection
59-14-401(1)(a)(v)
.
(g)
Notwithstanding Subsection
(2)
, the commission shall notify manufacturers,
distributors, wholesalers, and retail dealers of a tobacco product manufacturer that is
prohibited from selling cigarettes to consumers within the state under Subsection
59-14-210(2)
.
(h)
Notwithstanding Subsection
(2)
, the commission may:
(i)
provide to the Division of Consumer Protection within the Department of
Commerce and the attorney general data:
(A)
reported to the commission under Section
59-14-212
; or
(B)
related to a violation under Section
59-14-211
; and
(ii)
upon request, provide to any person data reported to the commission under
Subsections
59-14-212(1)(a)
through
(c)
and Subsection
59-14-212(1)(g)
.
(i)
Notwithstanding Subsection
(2)
, the commission shall, at the request of a committee
of the Legislature, the Office of the Legislative Fiscal Analyst, or the Governor's
Office of Planning and Budget, provide to the committee or office the total amount of
revenue collected by the commission under Chapter 24, Radioactive Waste Facility
Tax Act, for the time period specified by the committee or office.
(j)
Notwithstanding Subsection
(2)
, the commission shall make the directory required by
Section
59-14-603
available for public inspection.
(k)
Notwithstanding Subsection
(2)
, the commission may share information with federal,
state, or local agencies as provided in Subsection
59-14-606(3)
.
(l)
(i)
Notwithstanding Subsection
(2)
, the commission shall provide the Office of
Recovery Services within the Department of Health and Human Services any
relevant information obtained from a return filed under Chapter 10, Individual
Income Tax Act, regarding a taxpayer who has become obligated to the Office of
Recovery Services.
(ii)
The information described in Subsection
(4)(l)(i)
may be provided by the Office
of Recovery Services to any other state's child support collection agency involved
in enforcing that support obligation.
(m)
(i)
Notwithstanding Subsection
(2)
, upon request from the state court
administrator, the commission shall provide to the state court administrator, the
name, address, telephone number, county of residence, and social security number
on resident returns filed under Chapter 10, Individual Income Tax Act.
(ii)
The state court administrator may use the information described in Subsection
(4)(m)(i)
only as a source list for the master jury list described in Section
78B-1-106
.
(n)
(i)
As used in this Subsection
(4)(n)
:
(A)
"Income tax information" means information gained by the commission that is
required to be attached to or included in a return filed with the commission
under Chapter 7, Corporate Franchise and Income Taxes, or Chapter 10,
Individual Income Tax Act.
(B)
"Other tax information" means information gained by the commission that is
required to be attached to or included in a return filed with the commission
except for a return filed under Chapter 7, Corporate Franchise and Income
Taxes, or Chapter 10, Individual Income Tax Act.
(C)
"Tax information" means income tax information or other tax information.
(ii)
(A)
Notwithstanding Subsection
(2)
and except as provided in Subsection
(4)(n)(ii)(B)
or
(C)
, the commission shall at the request of GOEO provide to
GOEO all income tax information.
(B)
For purposes of a request for income tax information made under Subsection
(4)(n)(ii)(A)
, GOEO may not request and the commission may not provide to
GOEO a person's address, name, social security number, or taxpayer
identification number.
(C)
In providing income tax information to GOEO, the commission shall in all
instances protect the privacy of a person as required by Subsection
(4)(n)(ii)(B)
.
(iii)
(A)
Notwithstanding Subsection
(2)
and except as provided in Subsection
(4)(n)(iii)(B)
, the commission shall at the request of GOEO provide to GOEO
other tax information.
(B)
Before providing other tax information to GOEO, the commission shall redact
or remove any name, address, social security number, or taxpayer identification
number.
(iv)
GOEO may provide tax information received from the commission in accordance
with this Subsection
(4)(n)
only:
(A)
as a fiscal estimate, fiscal note information, or statistical information; and
(B)
if the tax information is classified to prevent the identification of a particular
return.
(v)
(A)
A person may not request tax information from GOEO under Title 63G,
Chapter 2, Government Records Access and Management Act, or this section,
if GOEO received the tax information from the commission in accordance with
this Subsection
(4)(n)
.
(B)
GOEO may not provide to a person that requests tax information in
accordance with Subsection
(4)(n)(v)(A)
any tax information other than the tax
information GOEO provides in accordance with Subsection
(4)(n)(iv)
.
(o)
Notwithstanding Subsection
(2)
, the commission may provide to the governing board
of the agreement or a taxing official of another state, the District of Columbia, the
United States, or a territory of the United States:
(i)
the following relating to an agreement sales and use tax:
(A)
information contained in a return filed with the commission;
(B)
information contained in a report filed with the commission;
(C)
a schedule related to Subsection
(4)(o)(i)(A)
or
(B)
; or
(D)
a document filed with the commission; or
(ii)
a report of an audit or investigation made with respect to an agreement sales and
use tax.
(p)
Notwithstanding Subsection
(2)
, the commission may provide information
concerning a taxpayer's state income tax return or state income tax withholding
information to the Driver License Division if the Driver License Division:
(i)
requests the information; and
(ii)
provides the commission with a signed release form from the taxpayer allowing
the Driver License Division access to the information.
(q)
Notwithstanding Subsection
(2)
, the commission shall provide to the Utah
Communications Authority, or a division of the Utah Communications Authority, the
information requested by the authority under Sections
63H-7a-302
,
63H-7a-402
, and
63H-7a-502
.
(r)
Notwithstanding Subsection
(2)
, the commission shall provide to the Utah
Educational Savings Plan information related to a resident or nonresident individual's
contribution to a Utah Educational Savings Plan account as designated on the
resident or nonresident's individual income tax return as provided under Section
59-10-1313
.
(s)
Notwithstanding Subsection
(2)
, for the purpose of verifying eligibility under
Sections
26B-3-106
and
26B-3-903
, the commission shall provide an eligibility
worker with the Department of Health and Human Services or its designee with the
adjusted gross income of an individual if:
(i)
an eligibility worker with the Department of Health and Human Services or its
designee requests the information from the commission; and
(ii)
the eligibility worker has complied with the identity verification and consent
provisions of Sections
26B-3-106
and
26B-3-903
.
(t)
Notwithstanding Subsection
(2)
, the commission may provide to a county, as
determined by the commission, information declared on an individual income tax
return in accordance with Section
59-10-103.1
that relates to eligibility to claim a
residential exemption authorized under Section
59-2-103
.
(u)
Notwithstanding Subsection
(2)
, the commission shall provide a report regarding any
access line provider that is over 90 days delinquent in payment to the commission of
amounts the access line provider owes under Title 69, Chapter 2, Part 4, Prepaid
Wireless Telecommunications Service Charges, to the board of the Utah
Communications Authority created in Section
63H-7a-201
.
(v)
Notwithstanding Subsection
(2)
, the commission shall provide the Department of
Environmental Quality a report on the amount of tax paid by a radioactive waste
facility for the previous calendar year under Section
59-24-103.5
.
(w)
Notwithstanding Subsection
(2)
, the commission may, upon request, provide to the
Department of Workforce Services any information received under Chapter 10, Part
4, Withholding of Tax, that is relevant to the duties of the Department of Workforce
Services.
(x)
Notwithstanding Subsection
(2)
, the commission may provide the Public Service
Commission or the Division of Public Utilities information related to a seller that
collects and remits to the commission a charge described in Subsection
69-2-405(2)
,
including the seller's identity and the number of charges described in Subsection
69-2-405(2)
that the seller collects.
(y)
(i)
Notwithstanding Subsection
(2)
, the commission shall provide to each
qualifying jurisdiction the collection data necessary to verify the revenue collected
by the commission for a distributed tax, fee, or charge collected within the
qualifying jurisdiction.
(ii)
In addition to the information provided under Subsection
(4)(y)(i)
, the
commission shall provide a qualifying jurisdiction with copies of returns and other
information relating to a distributed tax, fee, or charge collected within the
qualifying jurisdiction.
(iii)
(A)
To obtain the information described in Subsection
(4)(y)(ii)
, the chief
executive officer or the chief executive officer's designee of the qualifying
jurisdiction shall submit a written request to the commission that states the
specific information sought and how the qualifying jurisdiction intends to use
the information.
(B)
The information described in Subsection
(4)(y)(ii)
is available only in official
matters of the qualifying jurisdiction.
(iv)
Information that a qualifying jurisdiction receives in response to a request under
this subsection is:
(A)
classified as a private record under Title 63G, Chapter 2, Government Records
Access and Management Act; and
(B)
subject to the confidentiality requirements of this section.
(z)
Notwithstanding Subsection
(2)
, the commission shall provide the Alcoholic
Beverage Services Commission, upon request, with taxpayer status information
related to state tax obligations necessary to comply with the requirements described
in Section
32B-1-203
.
(aa)
Notwithstanding Subsection
(2)
, the commission shall inform the Department of
Workforce Services, as soon as practicable, whether an individual claimed and is
entitled to claim a federal earned income tax credit for the year requested by the
Department of Workforce Services if:
(i)
the Department of Workforce Services requests this information; and
(ii)
the commission has received the information release described in Section
35A-9-604
.
(bb)
(i)
As used in this Subsection
(4)(bb)
, "unclaimed property administrator" means
the administrator or the administrator's agent, as those terms are defined in Section
67-4a-102
.
(ii)
(A)
Notwithstanding Subsection
(2)
, upon request from the unclaimed property
administrator
, subject to the commission's availability of the information,
and
to the extent allowed under federal law, the commission shall provide the
unclaimed property administrator the name, address, telephone number,
email
address,
county of residence, and social security number or federal employer
identification number on any return filed under Chapter 7, Corporate Franchise
and Income Taxes, or Chapter 10, Individual Income Tax Act.
(B)
The unclaimed property administrator may use the information described in
Subsection
(4)(bb)(ii)(A)
only for the purpose of returning unclaimed property
to the property's owner in accordance with Title 67, Chapter 4a, Revised
Uniform Unclaimed Property Act.
(iii)
The unclaimed property administrator is subject to the confidentiality provisions
of this section with respect to any information the unclaimed property
administrator receives under this Subsection
(4)(bb)
.
(iv)
The commission is not liable for actions arising from the unclaimed property
administrator's use of information that the commission provides to the unclaimed
property administrator upon request under this Subsection
(4)(bb)
.
(cc)
Notwithstanding Subsection
(2)
, the commission may, upon request, disclose a
taxpayer's state individual income tax information to a program manager of the Utah
Fits All Scholarship Program under Section
53F-6-402
if:
(i)
the taxpayer consents in writing to the disclosure;
(ii)
the taxpayer's written consent includes the taxpayer's name, social security
number, and any other information the commission requests that is necessary to
verify the identity of the taxpayer; and
(iii)
the program manager provides the taxpayer's written consent to the commission.
(dd)
Notwithstanding Subsection
(2)
, the commission may provide to the Division of
Finance within the Department of Government Operations any information necessary
to facilitate a payment from the commission to a taxpayer, including:
(i)
the name of the taxpayer entitled to the payment or any other person legally
authorized to receive the payment;
(ii)
the taxpayer identification number of the taxpayer entitled to the payment;
(iii)
the payment identification number and amount of the payment;
(iv)
the tax year to which the payment applies and date on which the payment is due;
(v)
a mailing address to which the payment may be directed; and
(vi)
information regarding an account at a depository institution to which the
payment may be directed, including the name of the depository institution, the
type of account, the account number, and the routing number for the account.
(ee)
Notwithstanding Subsection
(2)
, the commission shall provide the total amount of
revenue collected by the commission under Subsection
59-5-202(5)
:
(i)
at the request of a committee of the Legislature, the Office of the Legislative
Fiscal Analyst, or the Governor's Office of Planning and Budget, to the committee
or office for the time period specified by the committee or office; and
(ii)
to the Division of Finance for purposes of the Division of Finance administering
Subsection
59-5-202(5)
.
(ff)
Notwithstanding Subsection
(2)
, the commission may provide the Department of
Agriculture and Food with information from a return filed in accordance with
Chapter 31, Cannabinoid Licensing and Tax Act.
(gg)
Notwithstanding Subsection
(2)
, the commission shall provide the Department of
Workforce Services with the information described in Section
35A-3-105
.
(hh)
Notwithstanding Subsection
(2)
, the commission may provide aggregated
information to the Utah Population Committee, created in Section
63C-20-103
, if the
Utah Population Committee requests the information in accordance with Section
63C-20-105
.
(5)
(a)
Each report and return shall be preserved for at least three years.
(b)
After the three-year period provided in Subsection
(5)(a)
the commission may
destroy a report or return.
(6)
(a)
Any individual who violates this section is guilty of a class A misdemeanor.
(b)
If the individual described in Subsection
(6)(a)
is an officer or employee of the state,
the individual shall be dismissed from office and be disqualified from holding public
office in this state for a period of five years thereafter.
(c)
Notwithstanding Subsection
(6)(a)
or
(b)
, GOEO, when requesting information in
accordance with Subsection
(4)(n)(iii)
, or an individual who requests information in
accordance with Subsection
(4)(n)(v)
:
(i)
is not guilty of a class A misdemeanor; and
(ii)
is not subject to:
(A)
dismissal from office in accordance with Subsection
(6)(b)
; or
(B)
disqualification from holding public office in accordance with Subsection
(6)(b)
.
(d)
Notwithstanding Subsection
(6)(a)
or
(b)
, for a disclosure of information to the
Office of the Legislative Auditor General in accordance with Title 36, Chapter 12,
Legislative Organization, an individual described in Subsection
(2)
:
(i)
is not guilty of a class A misdemeanor; and
(ii)
is not subject to:
(A)
dismissal from office in accordance with Subsection
(6)(b)
; or
(B)
disqualification from holding public office in accordance with Subsection
(6)(b)
.
(7)
Except as provided in Section
59-1-404
, this part does not apply to the property tax.
Section 2. Section
67-4a-102
is amended to read:
67-4a-102
Effective
05/06/26
. Definitions.
As used in this chapter:
(1)
"Administrator" means the deputy state treasurer assigned by the state treasurer.
(2)
(a)
"Administrator's agent" means a person with which the administrator contracts to
conduct an examination under
Part 10, Verified Report of Property and Examination
of Records
, on behalf of the administrator.
(b)
"Administrator's agent" includes an independent contractor of the person and each
individual participating in the examination on behalf of the person or contractor.
(3)
"Apparent owner" means a person whose name appears on the records of a holder as the
owner of property held, issued, or owing by the holder.
(4)
(a)
"Bank draft" means a check, draft, or similar instrument on which a banking or
financial organization is directly liable.
(b)
"Bank draft" includes:
(i)
a cashier's check; and
(ii)
a certified check.
(c)
"Bank draft" does not include:
(i)
a traveler's check; or
(ii)
a money order.
(5)
"Banking organization" means:
(a)
a bank;
(b)
an industrial bank;
(c)
a trust company;
(d)
a savings bank; or
(e)
any organization defined by other law as a bank or banking organization.
(6)
"Business association" means a corporation, joint stock company, investment company
other than an investment company registered under the Investment Company Act of
1940, partnership, unincorporated association, joint venture, limited liability company,
business trust, trust company, land bank, safe deposit company, safekeeping depository,
financial organization, banking organization, insurance company, federally chartered
entity, utility, sole proprietorship, or other business entity, whether or not for profit.
(7)
"Cashier's check" means a check that:
(a)
is drawn by a banking organization on itself;
(b)
is signed by an officer of the banking organization; and
(c)
authorizes payment of the amount shown on the check's face to the payee.
(8)
"Class action" means a legal action:
(a)
certified by the court as a class action; or
(b)
treated by the court as a class action without being formally certified as a class action.
(9)
"Confidential information" means records, reports, and information that is confidential
under Section
67-4a-1402
.
(10)
(a)
"Deposit in a financial institution" means a demand, savings, or matured time
deposit with a banking or financial organization.
(b)
"Deposit in a financial institution" includes:
(i)
any interest or dividends on a deposit; and
(ii)
a deposit that is automatically renewable.
(11)
"Domicile" means:
(a)
for a corporation, the state of the corporation's incorporation;
(b)
for a business association other than a corporation, whose formation requires a filing
with a state, the state of the business association's filing;
(c)
for a federally chartered entity or an investment company registered under the
Investment Company Act of 1940, the state of the entity's or company's home office;
and
(d)
for any other holder, the state of the holder's principal place of business.
(12)
"Electronic" means relating to technology having electrical, digital, magnetic, wireless,
optical, electromagnetic, or similar capabilities.
(13)
"Electronic mail" means a communication by electronic means that is automatically
retained and stored and may be readily accessed or retrieved.
(14)
"Financial organization" means:
(a)
a savings and loan association; or
(b)
a credit union.
(15)
(a)
"Game-related digital content" means digital content that exists only in an
electronic game or electronic-game platform.
(b)
"Game-related digital content" includes:
(i)
game-play currency, including a virtual wallet, even if denominated in United
States currency; and
(ii)
the following, if for use or redemption only within the game or platform or
another electronic game or electronic-game platform:
(A)
points sometimes referred to as gems, tokens, gold, and similar names; and
(B)
digital codes.
(c)
"Game-related digital content" does not include an item that the issuer:
(i)
permits to be redeemed for use outside a game or platform for:
(A)
money; or
(B)
goods or services that have more than minimal value; or
(ii)
otherwise monetizes for use outside a game or platform.
(16)
(a)
"Gift card" means a record that:
(i)
is usable at:
(A)
a single merchant; or
(B)
a specified group of merchants;
(ii)
is prefunded before the record is used; and
(iii)
can be used for purchases of goods or services.
(b)
"Gift card" includes a prepaid commercial mobile radio service as defined in 47
C.F.R. Sec. 20.3.
(17)
"Holder" means a person obligated to hold for the account of, or to deliver or pay to,
the owner property subject to this chapter.
(18)
"Insurance company" means an association, corporation, or fraternal or mutual benefit
organization, whether or not for profit, engaged in the business of providing life
endowments, annuities, or insurance, including:
(a)
accident insurance;
(b)
burial insurance;
(c)
casualty insurance;
(d)
credit life insurance;
(e)
contract performance insurance;
(f)
dental insurance;
(g)
disability insurance;
(h)
fidelity insurance;
(i)
fire insurance;
(j)
health insurance;
(k)
hospitalization insurance;
(l)
illness insurance;
(m)
life insurance, including endowments and annuities;
(n)
malpractice insurance;
(o)
marine insurance;
(p)
mortgage insurance;
(q)
surety insurance;
(r)
wage protection insurance; and
(s)
worker compensation insurance.
(19)
"Last known address" means a description of the location of the apparent owner
sufficient for the purpose of the delivery of mail.
(20)
(a)
"Loyalty card" means a record given without direct monetary consideration
under an award, reward, benefit, loyalty, incentive, rebate, or promotional program
that may be used or redeemed only to obtain goods or services or a discount on goods
or services.
(b)
"Loyalty card" does not include a record that may be redeemed for money or
otherwise monetized by the issuer.
(21)
(a)
"Mineral" means any substance that is ordinarily and naturally considered a
mineral, regardless of the depth at which the substance is found.
(b)
"Mineral" includes:
(i)
building stone;
(ii)
cement material;
(iii)
chemical raw material;
(iv)
coal;
(v)
colloidal and other clay;
(vi)
fissionable and nonfissionable ore;
(vii)
gas;
(viii)
gemstone;
(ix)
gravel;
(x)
lignite;
(xi)
oil;
(xii)
oil shale;
(xiii)
other gaseous liquid or solid hydrocarbon;
(xiv)
road material;
(xv)
sand;
(xvi)
steam and other geothermal resources;
(xvii)
sulphur; and
(xviii)
uranium.
(22)
(a)
"Mineral proceeds" means an amount payable:
(i)
for extraction, production, or sale of minerals; or
(ii)
for the abandonment of an interest in minerals.
(b)
"Mineral proceeds" includes an amount payable:
(i)
for the acquisition and retention of a mineral lease, including a bonus, royalty,
compensatory royalty, shut-in royalty, minimum royalty, or delay rental;
(ii)
for the extraction, production, or sale of minerals, including a net revenue
interest, royalty, overriding royalty, extraction payment, or production payment;
and
(iii)
under an agreement or option, including a joint-operating agreement, unit
agreement, pooling agreement, and farm-out agreement.
(23)
(a)
"Money order" means a payment order for a specified amount of money.
(b)
"Money order" includes an express money order and a personal money order on
which the remitter is the purchaser.
(c)
"Money order" does not include a cashier's check.
(24)
"Municipal bond" means a bond or evidence of indebtedness issued by a municipality
or other political subdivision of a state.
(25)
(a)
"Nonfreely transferable security" means a security that cannot be delivered to the
administrator by the Depository Trust Clearing Corporation or a similar custodian of
securities providing post-trade clearing and settlement services to financial markets
or cannot be delivered because there is no agent to effect transfer.
(b)
"Nonfreely transferable security" includes a worthless security.
(26)
(a)
"Owner" means a person that has a legal, beneficial, or equitable interest in
property subject to this chapter or the person's legal representative when acting on
behalf of the owner.
(b)
"Owner" includes:
(i)
a depositor, for a deposit;
(ii)
(A)
a trustee, for a trust; or
(B)
a beneficiary, for a trust
without a designated trustee and
other than a deposit
in trust;
(iii)
a creditor, claimant, or payee, for other property;
and
(iv)
the lawful bearer of a record that may be used to obtain money, a reward, or a
thing of value
.
; and
(v)
an heir, as defined in Section
75-1-201
, for property for which the decedent
qualified as an owner before death.
(27)
"Payroll card" means a record that evidences a payroll card account as defined in 12
C.F.R. Part 1005, Electronic Fund Transfers (Regulation E).
(28)
"Person" means:
(a)
an individual;
(b)
an estate;
(c)
a business association;
(d)
a public corporation;
(e)
a government entity;
(f)
an agency;
(g)
a trust;
(h)
an instrumentality; or
(i)
any other legal or commercial entity.
(29)
(a)
"Property" means tangible property described in Section
67-4a-205
or a fixed
and certain interest in intangible property held, issued, or owed in the course of a
holder's business or by a government entity.
(b)
"Property" includes:
(i)
all income from or increments to the property;
(ii)
property referred to as or evidenced by:
(A)
money, virtual currency, interest, or a dividend, check, draft, or deposit;
(B)
a credit balance, customer's overpayment, stored-value card, payroll card,
security deposit, refund, credit memorandum, unpaid wage, unused ticket for
which the issuer has an obligation to provide a refund, mineral proceeds, or
unidentified remittance; and
(C)
a security except for:
(I)
a worthless security; or
(II)
a security that is subject to a lien, legal hold, or restriction evidenced on the
records of the holder or imposed by operation of law, if the lien, legal hold,
or restriction restricts the holder's or owner's ability to receive, transfer, sell,
or otherwise negotiate the security;
(iii)
a bond, debenture, note, or other evidence of indebtedness;
(iv)
money deposited to redeem a security, make a distribution, or pay a dividend;
(v)
an amount due and payable under an annuity contract or insurance policy;
(vi)
an amount distributable from a trust or custodial fund established under a plan to
provide health, welfare, pension, vacation, severance, retirement, death, stock
purchase, profit-sharing, employee-savings, supplemental-unemployment
insurance, or a similar benefit; and
(vii)
an amount held under a preneed funeral or burial contract, other than a contract
for burial rights or opening and closing services, where the contract has not been
serviced following the death or the presumed death of the beneficiary.
(c)
"Property" does not include:
(i)
property held in a plan described in Section 529A, Internal Revenue Code;
(ii)
game-related digital content;
(iii)
a loyalty card;
(iv)
an in-store credit for returned merchandise;
(v)
patronage capital of an electric, telephone, or agricultural cooperative; or
(vi)
a gift card.
(30)
"Putative holder" means a person believed by the administrator to be a holder, until:
(a)
the person pays or delivers to the administrator property subject to this chapter; or
(b)
the administrator or a court makes a final determination that the person is or is not a
holder.
(31)
"Record" means information that is inscribed on a tangible medium or that is stored in
an electronic or other medium and is retrievable in perceivable form.
(32)
"Security" means:
(a)
a security as defined in Revised Article 8 of the Uniform Commercial Code; or
(b)
a security entitlement as defined in Revised Article 8 of the Uniform Commercial
Code, including a customer security account held by a registered broker-dealer, to the
extent the financial assets held in the security account are not:
(i)
registered on the books of the issuer in the name of the person for which the
broker-dealer holds the assets;
(ii)
payable to the order of the person;
(iii)
specifically endorsed to the person; or
(iv)
an equity interest in a business association not included in this Subsection
(32)
.
(33)
"Sign" means, with present intent to authenticate or adopt a record:
(a)
to execute or adopt a tangible symbol; or
(b)
to attach to or logically associate with the record an electronic symbol, sound, or
process.
(34)
"State" means a state of the United States, the District of Columbia, the
Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or
insular possession subject to the jurisdiction of the United States.
(35)
(a)
"Stored-value card" means a reloadable or non-reloadable record:
(i)
with a monetary value or amount that can be:
(A)
used to purchase or otherwise acquire goods or services;
(B)
used to obtain cash; or
(C)
redeemed for cash value; and
(ii)
of which the issuer or the issuer's agent has a record of the name and last known
address of the apparent owner and the address is in the state of Utah.
(b)
"Stored-value card" does not include:
(i)
a record described in Subsection
(35)(a)
that is purchased or acquired by an
intermediary or other party for resale, for sale on consignment, or as a gift to the
card user, when the issuer does not know the name and address of the ultimate
buyer or recipient of the record;
(ii)
a loyalty card;
(iii)
a gift card; or
(iv)
game-related digital content.
(36)
"Utility" means a person that owns or operates for public use a plant, equipment, real
property, franchise, or license for:
(a)
the transmission of communications or information;
(b)
the production, storage, transmission, sale, delivery, or furnishing of electricity,
water, steam, or gas; or
(c)
the provision of sewage or septic services, or trash, garbage, or recycling disposal.
(37)
(a)
"Virtual currency" means a digital representation of value used as a medium of
exchange, unit of account, or store of value, which does not have legal tender status
recognized by the United States.
(b)
"Virtual currency" does not include:
(i)
the software or protocols governing the transfer of the digital representation of
value;
(ii)
game-related digital content;
(iii)
a loyalty card;
(iv)
membership rewards; or
(v)
a gift card.
(38)
"Worthless security" means a security whose cost of liquidation and delivery to the
administrator would exceed the value of the security on the date a report is due under
this chapter.
Section 3. Section
67-4a-202
is amended to read:
67-4a-202
Effective
05/06/26
. When tax-deferred and tax-exempt retirement
accounts presumed abandoned.
(1)
Subject to Section
67-4a-208
, property held in a pension account or retirement account
that qualifies for tax deferral
or tax exemption
under the income tax laws of the United
States is presumed abandoned if the property is unclaimed by the apparent owner
three
years
after
the later of
:
(a)
the later of
three years after
the following dates:
(i)
except as in Subsection
(1)(a)(ii)
, the date a communication sent by the holder by
first-class United States mail to the apparent owner is returned to the holder
undelivered by the United States Postal Service; or
(ii)
if a communication under Subsection
(1)(a)(i)
is re-sent within 30 days after the
date the first communication is returned undelivered, the date the second
communication was returned undelivered by the United States Postal Service; or
(b)
the earlier of the following dates:
(i)
three years after
the date
on which
the apparent owner becomes
70.5 years of age
the age specified under the income tax laws of the United States by which
distribution of the property shall occur to avoid a tax penalty
, if determinable by
the holder; or
(ii)
one year after the date of the mandatory distribution following death if:
(A)
the income tax laws of the United States requires distribution to avoid a tax
penalty; and
(B)
the holder receives confirmation of the death of the apparent owner in the
ordinary course of the holder's business or confirms the death of the apparent
owner under Subsection
(2)
.
(ii)
if the Internal Revenue Code, Sec. 1 et seq., requires distribution to avoid a tax
penalty, two years after the date the holder:
(A)
receives confirmation of the death of the apparent owner in the ordinary
course of the holder's business; or
(B)
confirms the death of the apparent owner under Subsection
(2)
.
(2)
If a holder in the ordinary course of the holder's business receives notice or an
indication of the death of an apparent owner and Subsection
(1)(b)
applies, the holder
shall attempt not later than 90 days after receipt of the notice or indication to confirm
whether the apparent owner is deceased.
(3)
(a)
Subject to Subsection
(3)(b)
, if the holder does not send communications to the
apparent owner of an account described in Subsection
(1)
by first-class United States
mail on at least an annual basis, the holder shall attempt to confirm the apparent
owner's interest in the property by sending the apparent owner an electronic mail
communication not later than two years after the apparent owner's last indication of
interest in the property.
(b)
The holder shall promptly attempt to contact the apparent owner by first-class United
States mail if:
(i)
the holder does not have information needed to send the apparent owner an
electronic mail communication or the holder believes that the apparent owner's
electronic mail address in the holder's records is not valid;
(ii)
the holder receives notification that the electronic mail communication was not
received; or
(iii)
the apparent owner does not respond to the electronic mail communication
within 30 days after the communication was sent.
(4)
If first-class United States mail sent under Subsection
(3)
is returned to the holder
undelivered by the United States Postal Service, the property is presumed abandoned
three years after the later of:
(a)
except as in Subsection
(4)(b)
, the date a communication to contact the apparent
owner sent by first-class United States mail is returned to the holder undelivered;
(b)
if the communication under Subsection
(4)(a)
is re-sent within 30 days after the date
the first communication is returned undelivered, the date the second communication
was returned undelivered; or
(c)
the date established by Subsection
(1)(b)
.
Section 4. Section
67-4a-203
is amended to read:
67-4a-203
Effective
05/06/26
. When other tax-deferred and tax-exempt
accounts presumed abandoned.
Subject to Section
67-4a-208
and except for property described in Section
67-4a-202

and property held in a plan described in Section 529A, Internal Revenue Code, property held
in an account or plan, including a health savings account, that qualifies for tax deferral
or tax
exemption
under the income tax laws of the United States is presumed abandoned if the
property is unclaimed by the apparent owner three years after the earlier of:
(1)
the date, if determinable by the holder, specified in the income tax laws and regulations
of the United States by which distribution of the property must begin to avoid a tax
penalty, with no distribution having been made; or
(2)
30 years after the date the account was opened.
Section 5. Section
67-4a-903
is amended to read:
67-4a-903
Effective
05/06/26
. Claim for property by person claiming to be
owner.
(1)
(a)
A person claiming to be the owner of property held under this chapter by the
administrator may file a claim for the property on a form prescribed by the
administrator.
(b)
The claimant shall verify the claim as to its completeness and accuracy.
(2)
If the owner claiming the unclaimed property is a creditor
,
the following apply:
(a)
(i)
the exclusive remedy for satisfying a creditor's judgement is payment of a claim
under the act; and
(ii)
a writ of attachment, garnishment, or execution is prohibited on unclaimed
property;
(b)
a creditor may only receive the value of the creditor's judgment or the amount held
by the administrator, whichever is less; and
(c)
the administrator may waive the requirement in Subsection
(1)
and may pay or
deliver property directly to a person if:
(i)
the person receiving the property or payment is shown to be the apparent owner
included on a report filed under Section
67-4a-401
;
(ii)
the administrator reasonably believes the person is entitled to receive the property
or payment; and
(iii)
the property has a value of less than $500.
(3)
(a)
For a claim involving property of a decedent, one or more heirs or owners of the
property may, on a form prescribed by the administrator, file a single claim for the
property on behalf of all heirs or owners if:
(i)
the property has a value of $100,000 or less; and
(ii)
more than one person is entitled to file a claim for the property.
(b)
The claimant or claimants of a claim described in Subsection
(3)(a)
shall file with the
claim:
(i)
an affidavit that satisfies the requirements of Section
75-3-1201
; and
(ii)
a form prescribed by the administrator, signed by each claimant, in which the
claimant agrees to:
(A)
receive the property in a fiduciary capacity and equitably distribute to each
owner the portion of the property to which the owner is entitled; and
(B)
indemnify the state, the administrator, and the state's agents, officers, and
employees against any liability on a claim to the property.
(c)
The claimant or claimants of a claim described in Subsection
(3)(a)
shall verify the
claim for completeness and accuracy.
Section 6. Section
67-4a-904
is amended to read:
67-4a-904
Effective
05/06/26
. When administrator shall honor claim for
property.
(1)
(a)
The administrator shall pay or deliver property to a claimant under Subsection
67-4a-903(1)
if the administrator receives evidence sufficient to establish to the
satisfaction of the administrator that the claimant is the owner of the property.
(b)
The administrator shall pay or deliver property to a claimant under Subsection
67-4a-903(3)
if the administrator receives the documents described in Subsection
67-4a-903(3)(b)
.
(2)
Not later than 90 days after a claim is filed under Subsection
67-4a-903(1)
or (3)
, the
administrator shall allow or deny the claim and give the claimant notice in a record of
the decision.
(3)
If the claim is denied under Subsection
(2)
:
(a)
the administrator shall inform the claimant
or claimants
of the reason for the denial
and specify what additional evidence, if any, is required for the claim to be allowed;
(b)
the claimant
or claimants
may file an amended claim with the administrator or
commence an action under Section
67-4a-906
; and
(c)
the administrator shall consider an amended claim filed under Subsection
(3)(b)
as an
initial claim.
(4)
If the administrator does not take action on a claim during the 90-day period following
the filing of a claim under Subsection
67-4a-903(1)
or (3)
, the claim is considered
denied.
(5)
The state, the administrator, and the state's agents, officers, and employees may not be
held liable to an owner for any loss arising from the administrator's payment or delivery
of property in accordance with Subsection
(1)(b)
, including a claimant's failure to
equitably distribute property to an owner after payment or delivery is made.
Section 7.
Effective Date.
(1)
Except as provided in Subsection (2), this bill takes effect
May 6, 2026.
(2)
The actions affecting Section 59-1-403 (Effective 07/01/26) (Partially Repealed
07/01/29) take effect on July 1, 2026.
3-5-26 1:44 PM