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Can you summarize 35 ALCA Chapter 12, Article 2, Article 2A?
Uniform Disposition of Unclaimed Property Act. > Uniform Disposition of Unclaimed Property Act of 2004.
Short Summary
The Uniform Disposition of Unclaimed Property Act of 2004 in Alabama governs the reporting, payment, and delivery of unclaimed property by holders. It applies to various entities, including business associations, financial organizations, estates, trusts, governments, and other legal or commercial entities. The Act exempts certain entities and types of property from reporting. It imposes civil penalties for non-compliance, ranging from $100 to $1,000 per business day, with a maximum penalty of $25,000 for intentional fraudulent reports. The Treasurer has the authority to waive penalties in certain cases. Overall, the Act aims to ensure the proper handling and disposition of unclaimed property in the state of Alabama.
Whom does it apply to?
The Act applies to holders of unclaimed property, including various entities such as business associations, financial organizations, estates, trusts, governments, governmental subdivisions, agencies, or instrumentalities, and any other legal or commercial entity.
What does it govern?
The Uniform Disposition of Unclaimed Property Act of 2004 governs the reporting, payment, and delivery of unclaimed property by holders.
What are exemptions?
The Act exempts electric cooperatives organized under Chapters 6 and 7 of Title 37, incorporated municipalities and incorporated municipal boards, county and county boards of Alabama from reporting property. Additionally, gift certificates, gift cards, or in-store merchandise credits issued or maintained by any person engaged primarily in the business of selling tangible personal property at retail, and property held, due, and owing in a foreign country and arising out of a foreign transaction are exempt from reporting.
What are the Penalties?
The Act imposes civil penalties for non-compliance. The penalties range from $100 to $1,000 per business day, depending on the nature of the non-compliance. Holders who intentionally make fraudulent reports may face a maximum penalty of $25,000. The Treasurer has the authority to waive penalties in certain cases, and penalties must be waived if the holder acted in good faith.
Jurisdiction
Alabama