The report required under Section 67-4a-401 shall:
Terms Used In Utah Code 67-4a-402
Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Utah Code 67-4a-102
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Confidential information: means records, reports, and information that is confidential under Section 67-4a-1402. See Utah Code 67-4a-102
Contract: A legal written agreement that becomes binding when signed.
Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Utah Code 67-4a-102
Money order: includes an express money order and a personal money order on which the remitter is the purchaser. See Utah Code 67-4a-102
Nonfreely transferable security: includes a worthless security. See Utah Code 67-4a-102
Owner: includes :
(i)
a depositor, for a deposit;
(ii)
a beneficiary, for a trust other than a deposit in trust;
(iii)
a creditor, claimant, or payee, for other property; and
(iv)
the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Property: includes :
(i)
all income from or increments to the property;
(ii)
property referred to as or evidenced by:
(A)
money, virtual currency, interest, or a dividend, check, draft, or deposit;
(B)
a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and
(C)
a security except for:
(I)
a worthless security; or
(II)
a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
(iii)
a bond, debenture, note, or other evidence of indebtedness;
(iv)
money deposited to redeem a security, make a distribution, or pay a dividend;
(v)
an amount due and payable under an annuity contract or insurance policy;
(vi)
an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and
(vii)
an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102
Security: means :
(a)
a security as defined in Revised Article 8 of the Uniform Commercial Code; or
(b)
a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
(i)
registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
(ii)
payable to the order of the person;
(iii)
specifically endorsed to the person; or
(iv)
an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102
(a)
be signed by or on behalf of the holder and verified as to the report’s completeness and accuracy;
(b)
if filed electronically, be in a secure format approved by the administrator that protects confidential information of the apparent owner;
(c)
describe the property;
(d)
except for a traveler’s check, money order, or similar instrument, contain the name, if known, last known address, if known, and social security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of $50 or more;
(e)
for an amount held or owing under a life or endowment insurance policy or annuitycontract, contain the name and last known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
(f)
for property held in or removed from a safe-deposit box, indicate the location of the property, where the property may be inspected by the administrator, and any amounts owed to the holder under Section 67-4a-606;
(g)
contain the commencement date for determining abandonment under 2;
(h)
state that the holder has complied with the notice requirements of Section 67-4a-501;
(i)
identify property that is a nonfreely transferable security and explain why the property is a nonfreely transferable security; and
(j)
contain other information the administrator prescribes by rules.
(2)
(a)
A report under Section 67-4a-401 may include in the aggregate items valued under $50 each.
(b)
If the report includes items in the aggregate valued under $50 each, the administrator may not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.
(3)
A report under Section 67-4a-401 may include personal information as defined in Subsection 67-4a-1401(1) about the apparent owner or the apparent owner’s property.
(4)
If a holder has changed the holder’s name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder shall include in the report under Section 67-4a-401:
(a)
the holder’s former name or the name of the previous holder, if any; and
(b)
the known name and address of each previous holder of the property.
Repealed and Re-enacted by Chapter 371, 2017 General Session
