Unclaimed Property Notice - July 2014

July 2014

Pennsylvania House Bill 278 (Act No. 126) passed both houses and was signed by the Governor on July 10, 2014. The legislation, intended to help the Commonwealth close the budget gap, provides for (a) reduced holding periods for certain unclaimed property, (b) clarification of holding period commencement and (c) authority of the State Treasurer to assess costs of audit and non-filing penalties against the holder and hire contract auditors.