Opinion ID: 1399075
Heading Depth: 1
Heading Rank: 2

Heading: the unclaimed property act

Text: The Unclaimed Property Act provides a comprehensive scheme for the report, [7] collection, [8] maintenance, [9] distribution [10] and escheat [11] of tangible and intangible property considered abandoned by its definitional text. All property presumed abandoned must be reported [12] and, if not earlier claimed by the owner, delivered to the Commission by the holder. [13] Holders include banks, [14] life insurance companies, [15] utilities, [16] business associations, [17] fiduciaries [18] and the courts. [19] If the Commission has reason to believe that someone has failed to report abandoned property, it has authority to examine that person's records. [20] The statute empowers the Commission to compel delivery of property [21] and provides penalties for failure to file reports or perform other duties required by the act. [22] Section 681 authorizes the Commission to make rules and regulations necessary to carry out the act's provisions. [23] The statute requires that the Commission make certain data public. [24] After this suit was filed, the pertinent text was amended to provide that, except for the public information, [r]eports filed by a holder [of abandoned property] shall remain confidential. [25]