The unclaimed property laws of most US states are actually based on one or more versions of the Uniform Unclaimed Property Act championed by the Uniform Law Commission. Versions of the 1954 act have been revised in 1966, 1981, 1995 and most recently in 2016. The recently Revised Uniform Unclaimed Property Act (RUUPA) is the result of 4 years of collaborative efforts by ULC Committee Members and Industry professionals to establish improved legislations.
Over the next few years, it is expected that US states will review the recommendations contained in the 2016 revisions, and possibly adopt them into their legislation. To an extent, revisions may also affect how states’ existing laws are interpreted.
Read a summary of the 2016 revisions here.