HB5629

West Virginia HB5629 updates the West Virginia Uniform Unclaimed Property Act, clarifying procedures for handling unclaimed property and defining.

West Virginia HB5629 amends the West Virginia Uniform Unclaimed Property Act to update definitions and procedures. It specifies that personal property in nursing homes must be held in separate accounts and outlines penalties for misuse. The act also details how the State Treasurer handles unclaimed property, including the timeframe for reporting and paying out funds. It defines terms such as "administrator," "apparent owner," and "virtual currency," and clarifies that agreements between apparent owners and finders are void if made within 24 months of property being considered abandoned.