WA
Washington House Bill HB1127
Washington 2025-2026 Regular Session
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Washington 2025-2026 Regular Session

Washington House Bill HB1127

Introduced
1/13/25  
Refer
1/13/25  
Report Pass
2/18/25  

Caption

AN ACT Relating to modifying provisions of the revised uniform unclaimed property act by clarifying the abandonment period and reporting procedures for prearrangement funeral service contracts trusts, modifying holder reporting requirements, modifying owner notification requirements, and making other changes not estimated to impact revenue;

Impact

If passed, HB 1127 could significantly impact state laws concerning property management and accountability for unclaimed assets. The proposed modifications would streamline procedures that holders of unclaimed property must follow, potentially reducing the administrative burden on businesses while simultaneously ensuring that property owners and lawful claimants have a better opportunity to reclaim their assets. This aligns state practices more closely with federal guidelines and best practices seen in other states, thereby enhancing both compliance and efficiency.

Summary

House Bill 1127 focuses on modifying provisions of the revised uniform unclaimed property act. This piece of legislation aims to provide clarity and reform for how unclaimed property is managed and regulated at the state level. The bill seeks to address various aspects of the act, including the definitions of unclaimed property, the responsibilities of holders of such property, and the processes for reporting and remitting unclaimed property to the state. Proponents of the bill argue that these updates are necessary to adapt to current economic realities and ensure that unclaimed properties are handled in a fair and transparent manner.

Contention

Discussions surrounding HB 1127 have revealed a mix of support and criticism among lawmakers and interest groups. Advocates see the bill as a necessary update to outdated provisions that fail to accommodate the complexities of modern asset management. Meanwhile, some critics express concern about the potential implications for property rights, fearing that rushed changes could lead to confusion or misimplementation at the local level. The debate highlights broader tensions regarding state versus local governance, providing a backdrop for ongoing discussions on regulatory practices.

Latest WA HB1127 Activity

View All Events: WA 2025-2026 Regular Session HB1127

Companion Bills

WA SB5316

Crossfiled AN ACT Relating to modifying provisions of the revised uniform unclaimed property act by clarifying the abandonment period and reporting procedures for prearrangement funeral service contracts trusts, modifying holder reporting requirements, modifying owner notification requirements, and making other changes not estimated to impact revenue;

Previously Filed As

WA SB5316

AN ACT Relating to modifying provisions of the revised uniform unclaimed property act by clarifying the abandonment period and reporting procedures for prearrangement funeral service contracts trusts, modifying holder reporting requirements, modifying owner notification requirements, and making other changes not estimated to impact revenue;

WA HB2452

AN ACT Relating to modifying requirements for service of rent increase notices;

WA HB2664

AN ACT Relating to modifying requirements for service of unlawful detainer notices and other notices served in the same manner;

WA SB5431

AN ACT Relating to modifying tax and revenue laws in a manner that is not estimated to affect state or local tax collections;

WA SB5220

Modifying small works roster requirements for cities.

WA HB1334

Modifying the annual regular property tax revenue growth limit.

WA HB1736

Concerning procedures and requirements for reporting and investigating missing persons.

WA SB5314

AN ACT Relating to modifying the capital gains tax under chapter 82.87 RCW and related statutes by closing loopholes, replacing the business and occupation tax credit with a capital gains tax credit, clarifying ambiguities and making technical corrections in a manner that is not estimated to affect state or local tax collections, modifying the credit for taxes paid in other jurisdictions, treating spouses and domestic partners more consistently, modifying and adding definitions, creating a late payment penalty waiver, modifying the publication schedule for inflation adjustments, modifying the distributions of moneys to the following fiscal year instead of calendar year, adding a nonclaim period, and adding a new requirement for brokers and barter exchanges;

WA HB1614

AN ACT Relating to modifying the capital gains tax under chapter 82.87 RCW and related statutes by closing loopholes, replacing the business and occupation tax credit with a capital gains tax credit, clarifying ambiguities and making technical corrections in a manner that is not estimated to affect state or local tax collections, modifying the credit for taxes paid in other jurisdictions, treating spouses and domestic partners more consistently, modifying and adding definitions, creating a late payment penalty waiver, modifying the publication schedule for inflation adjustments, modifying the distributions of moneys to the following fiscal year instead of calendar year, adding a nonclaim period, and adding a new requirement for brokers and barter exchanges;

WA SB5016

Concerning prearrangement funeral services.

Similar Bills

No similar bills found.