Up-to-date News Regarding Unclaimed Property and Corporate Compliance


Are Email Addresses Personal Identification Information?

GMAILA new class action lawsuit, against Express Fashion Apparel, LLC, asks a federal court to rule that email addresses are personal identification information, and as such, retailers should be prohibited from requesting and subsequently using the email addresses together with additional information gathered from the credit card.

CFPB Begins Accepting Complaints on Prepaid Cards

Store Gift Card DisplayOn Monday, the Consumer Financial Protection Bureau ("CFPB") announced that it is now accepting complaints regarding prepaid cards, including gift cards and payroll cards, if consumers have disputes, relating to expiration dates, fees, and issuer marketing practices. The CFPB is intended to be a watchdog agency, advocating for consumers in the marketplace.

New Hawaii Law to Allow Pay Cards

Credit CardsThis month, Hawaii was the latest to allow employers to use prepaid cards to pay employee wages. The employer cannot mandate continued use of the card and must give the employee the option to receive wages via direct deposit or paper check. If the employee decides to switch from the pay card, the employer must honor this request within two pay cycles.

Pennsylvania Bill to Change Dormancy Periods

Pennsylvania legislators have been making noise for several months about amending dormancy periods, to help balance the current budget issues in the state. Last week, we finally got to see the proposed bill when the Senate amended House Bill 278. Generally speaking, the dormancy periods would change from five years to three years.

Happy Independence Day

US FlagsBarganier and Associates will be closed on Friday, July 4, 2014, in observance of Independence Day. We hope that everyone has a safe weekend, full of family and friends.

Barganier will resume normal business hours on Monday, July 7, 2014.

SB 228 Heads to Governor

Update: The bill was signed by Governor Markell on June 30, 2014

The Delaware House passed Senate Bill 228 yesterday and it now awaits Governor Markell's signature. SB 228 has several key provisions for holders, including a confidentiality requirement and a limit on penalties. It also would extend the Secretary of State VDA program by one year.

Revisiting Data Collection Requirements in New Jersey

Legislative Update: SB 2235 passed the Senate unanimously on June 30, 2014. The bill was assigned to the Assembly Consumer Affairs Committee on July 11, 2014.

New York Looking to Add to Auditor Staff

The New York State Comptroller is currently advertising for two new abandoned property senior auditors. The positions' job is to perform "audits and reviews in accordance with applicable standards to ensure that holders are in compliance with the New York Abandoned Property Law." Specifically, the jobs duties description says that the auditor:

Delaware Senate Passes Resolution to Create Task Force on Unclaimed Property

BoardroomThe Delaware Senate has passed a resolution that would create a task force to study unclaimed property. The resolution, Senate Concurrent Resolution Number 59, says that a significant number of companies domiciled in Delaware have not met their responsibilities under law to escheat unclaimed property to the State.

New Delaware Case Challenges Kelmar's Extrapolation Methodology

Photo by smokedsalmon on FreeDigitalPhotos.netDelaware is the subject of another unclaimed property lawsuit, by a holder with a history of compliance, and despite the lawsuit, the audit is not yet completed.