Relating to communication methods regarding the disposition of unclaimed property and including applicability provisions

This bill relates to electronic communication regarding property that is assumed to be abandoned for purposes of property held by a bank, financial institution, or business association. The bill defines “electronic messaging” to mean electronic mail, text messaging, or other electronic means of communication, including an online banking website application. The bill provides that methods of communication between an owner of specified forms of property and a banking or financial organization or by a business association that can, if certain circumstances are met, prevent the property from being considered abandoned include electronic messaging along with correspondence in writing. The bill also provides that consent for renewal of previously held property between an owner and a banking or financial organization or a business association can be considered effective if notice was sent by electronic messaging and the notice is not returned to the bank for nondelivery. The bill applies to electronic messaging sent or received on or after the effective date of the bill.