Delaware General Assembly

Signed 1/30/13

The General Assembly has ended, the current status is the final status.

1/10/13

Schwartzkopf

Sen. Blevins
Rep. Longhurst

Sen. Cloutier, Ennis, Henry, Hocker, Lavelle, Lopez, Sokola
Reps. Briggs King, Dukes, Gray, Heffernan, Hudson, Jaques, J. Johnson, Q. Johnson, Keeley, Kenton, Miro, Outten, Peterman, Ramone, D. Short, Smyk, Spiegelman, Viola, Wilson

AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ABANDONED OR UNCLAIMED PROPERTY.

This bill creates additional incentives for holders of abandoned property to report such property to the state and promptly resolve such claims. The bill expands the new voluntary self-disclosure program administered by the Secretary of State and enacted by the 146th General Assembly to further incentivize participation in the program. Section 1 clarifies the existing duty of the State Escheator to protect confidential information by confirming that the existing duty covers the entirety of Chapter 11. Section 2 amends §1177(b)(1) to provide holders that elect into a voluntary self-disclosure prior to June 30, 2013 up to one additional year to enter into an agreement and make payment or enter into a payment plan. Section 3 amends §1177(d)(2) to clarify that a holder that has previously entered into a voluntary disclosure agreement prior to June 30, 2012 may enter into the new voluntary disclosure program with respect to any related party that was not included in an earlier voluntary self-disclosure or with respect to property types and/or periods that were not included in a prior voluntary self-disclosure agreement.

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Takes effect upon being signed into law

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