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147th General Assembly
Senate Bill # 228

Primary Sponsor: Blevins Additional Sponsor(s):    Rep. Schwartzkopf & Rep. Longhurst
CoSponsors: Sen. Henry; Reps. Q. Johnson, Mitchell, B. Short, Wilson
Introduced on : 05/16/2014
Long Title:AN ACT TO AMEND TITLE 12, CHAPTER 11 OF THE DELAWARE CODE AND VOLUME 78, CHAPTER 317 OF THE LAWS OF DELAWARE RELATING TO ABANDONED PROPERTY.
Synopsis of Orginal Bill:
(without Amendments)
This Act codifies the longstanding practice of the Department of Finance and the Secretary of State to hold as confidential the financial information obtained during the course of examinations, settlements, or voluntary self-disclosure agreements that are conducted pursuant to Title 12, Chapter 11 of the Delaware Code.
The Act also changes the penalty for failing to file an abandoned property report from 5% per month to the lesser of 5% per month or $100 per day. The maximum penalty changes from 50% of the amount required to be shown on the report to $5,000. The Act also eliminates the assessment of interest on outstanding unpaid amounts.
Finally, the Act extends the period that a holder may submit and the Secretary of State may accept a letter of intent to enter into an unclaimed property voluntary self-disclosure agreement from June 30, 2014 to September 30, 2014 and extend the sunset of the Secretary of State’s voluntary self-disclosure program by one year from July 1, 2015 to July 1, 2016 in order to provide sufficient time for all holders to complete and the Secretary of State to process all such voluntary self-disclosures agreements.

Current Status: Signed   On   06/30/2014
Volume Chapter79:278
Date Governor acted:06/30/2014
Full text of Legislation:
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Full text of Legislation:
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Fiscal Notes/Fee Impact:Not Required
Committee Reports:
Senate Committee report 06/11/14 F=0 M=4 U=0----->Committee Report
House Committee Report 06/25/14 F=0 M=5 U=0---->Committee Report
Voting Reports:
Senate vote: () Passed 6/17/2014 5:28:21 PM------->Voting Record
House vote: () Passed 6/26/2014 7:58:05 PM------->Voting Record
Actions History:
Jun 30, 2014 - Signed by Governor
Jun 26, 2014 - Passed by House of Representatives. Votes: Passed 41 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 25, 2014 - Reported Out of Committee (HOUSE ADMINISTRATION) in House with 5 On Its Merits
Jun 19, 2014 - Introduced and Assigned to House Administration Committee in House
Jun 17, 2014 - Passed by Senate. Votes: Passed 20 YES 1 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jun 11, 2014 - Reported Out of Committee (BANKING) in Senate with 4 On Its Merits
May 16, 2014 - Assigned to Banking Committee in Senate
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