in-20261007-IR-010260364RAA: 10 IAC 1.5-1-2

TITLE 10 OFFICE OF ATTORNEY GENERAL FOR THE STATE Regulatory Analysis LSA Document #26-364 I. Description of Rule: A comprehensive proposed rule amendment ("Proposed Rule" or the "Rule") to accompany and enforce the Revised Uniform Unclaimed Property Act. II. Fiscal Impact Analysis: III. Impacted Parties: IV. Changes in Proposed Rule: Administrative Citation Revision Reason for Revision 10 IAC 1.5-1-2 Updates the definition of the "Act" to reflect statutory terminology changes. Correctly cites the Revised Unclaimed Property Act in IC 32-34-1.5-2. 10 IAC 1.5-1-4 Updates the definition of "credit memorandum" to better reflect statutory terminology. Amended to clarify the meaning of "credit memorandum" as referenced in the rules. 10 IAC 1.5-1-5.5 Adds a definition for a "finder" to reflect the statutory use of the term and UPD's regulations towards "finders". Addition of the definition for finder is necessary to clarify the term as referenced in the rules. 10 IAC 1.5-1-6 Revises definition of the term "holder in due course". Revised to directly reflect the term as defined in the Indiana Code. 10 IAC 1.5-1-7 Revises definition of the term "Law Enforcement Agency". Revised to reflect the correct statutory reference. 10 IAC 1.5-1-7.5 Adds a definition for the term "owner". Definition added to reflect the same intended meaning as used in IC 32-34-1.5-3. 10 IAC 1.5-1-8.5 Adds a definition for the term "person". Definition added to reflect the same intended meaning as used in IC 32-34-1.5-3. 10 IAC 1.5-1-8 Removes definition of "owner generated activity" to reflect changes in statutory use. Term is no longer used or relevant to the rules. 10 IAC 1.5-2-1 Revises the terminology used in the rule. Revises to use terms that are commonly used in the statutes. "person" is a statutory term that includes "organizations". 10 IAC 1.5-2-3 Updates code citations and application of statutory requirements to request corrected information from holders. Minor revisions to update citations and simplify language for ease of understanding. 10 IAC 1.5-2-4 Updates holder obligations in corresponding with the UPD for the purpose of amending reports submitted where information has changed. Clarifies the initial steps to amend a report made to the OAG to protect confidential information. 10 IAC 1.5-2-5 Updates code citations and updates the process for requesting a holder reimbursement as permitted by statute. Updates the corrected citations and clarifies the process for correctly documenting a holder reimbursement request. 10 IAC 1.5-2-6 Updates "must" to "shall". Clarifies that the State can only accept U.S. currency. 10 IAC 1.5-3-1 Minor revisions to simplify text of the rule. Revised to simplify the text of the rule and promote readability. 10 IAC 1.5-3-2 Removes this rule from Article 1.5. Removes this rule because abandonment periods are addressed under the Revised Unclaimed Property Act. 10 IAC 1.5-3-3 Updates the terminology from "holding period" to "presumed abandonment period". Indiana statutes describe property ready for reporting as a "presumed abandonment period" not a holding period. Revised to mirror the proper statutory terms. 10 IAC 1.5-3-4 Removes timing requirement for assessing penalties because the Indiana Code addresses penalties. Revision is necessary to align with the implementation of the Revised Unclaimed Property Act. 10 IAC 1.5-3-5 Removes the description of instruments representing ownership because the Indiana Code addresses the descriptions. Removes this rule because the contents are addressed under the Revised Unclaimed Property Act. 10 IAC 1.5-3-7 Updates code citations. Correctly cites to current Indiana code and simplifies the language to reflect current requirements. 10 IAC 1.5-3-8 Adds the UPD's ability to reject contents of a safety deposit box that are illegal, hazardous or dangerous to the safety of the UPD staff. Corrects citations to Indiana code and reflects the standard practices for accepting safe deposit box contents. 10 IAC 1.5-3-9 Makes minor revisions to the text of the rule. Clarifies the language for simplicity and readability. 10 IAC 1.5-4-1 Removes the description of claims process, as the Revised Act provides for this general process. This rule is no longer needed as the content is addressed by statute. 10 IAC 1.5-4-2 Adds additional details about the methods of filing a claim. Expands the rule to include modern methods for accepting claims. 10 IAC 1.5-4-3 Updates the claim review information to reflect statutory method set forth for claim review. Clarifies when a claim is considered completely filed to start the review process. 10 IAC 1.5-4-4 Revises list of documents that the UPD may consider as necessary proof of ownership, including updated ID descriptions to reflect minimum ID requirements. Adds translation to English requirements for documents submitted in a foreign language. Expands the list of commonly accepted documents that serve as substantiating evidence of ownership commonly accepted. The UPD is given the discretion to determine when it receives substantial evidence of ownership and the changes provide clarity in the documents that are commonly acceptable. 10 IAC 1.5-4-5 Provides more specificity on which individuals may submit a claim for property belonging to a business entity. Necessarily expands the requirements of business claim documents to ensure against fraudulent claims and ensure association with the company. 10 IAC 1.5-4-6 Updates terminology to reflect industry standards. Simplifies language for ease of reading. 10 IAC 1.5-4-7 Updates code citations. Removes outdated code citations and makes minor language revisions for ease of reading. 10 IAC 1.5-4-8 Adds documents that may be used to prove a claim on behalf of creditors. Expands the types of documents which may serve as evidence of a creditor's claim to property held by the UPD. 10 IAC 1.5-4-10 Minor language revisions. Simplifies the terminology for ease of understanding. 10 IAC 1.5-4-11 Lessens the standard for when an owner may be made to sign a receipt acknowledging delivery of (stock) certificates. Changes "must" to "may be required" to ease the requirements for when a certificate may be released. 10 IAC 1.5-4-12 Updates terminology to reflect industry practices for making payments to owners. In addition to minor terminology changes, the rule requires updates to establish procedures when multiple claimants file a claim. 10 IAC 1.5-4-13 Lessens burden for owners to appear in person to retrieve tangible property from safe deposit boxes. Lowers the requirements from "must" to "may" in order to address long distance claimants to recover tangible property. 10 IAC 1.5-4-14 Incorporates minor grammatical revisions for ease of understanding. Necessary for ease of reading and understanding. 10 IAC 1.5-4-15 Updates the steps to pay rightful owners for claims paid in error. Former version of the rule created confusion. Updates align with the statute and current practices. 10 IAC 1.5-4-16 Adds requirements for Finders to reflect new obligations added by IC 32-34-1.5-74 and 75. These rules provide direction on issues that are commonly encountered with finders in application of the statute. Lack of finder compliance has led to numerous violations of Indiana's statutes and consumer protection concerns. The additional rules clarify the documentation and fee requirements for finders. 10 IAC 1.5-5-1 Incorporates minor grammatical revisions for ease of understanding. Necessary for ease of reading and understanding. 10 IAC 1.5-5-2 Updates handling of firearms to include reported ammunition for disposal with law enforcement. Prior version of the rule did not address ammunition received with a firearm. 10 IAC 1.5-5-3 Removes timing component for security sales as the Revised Act addresses such sales. Necessary to align with current applicable statutes. 10 IAC 1.5-5-4 Incorporates minor grammatical revisions for ease of understanding. Necessary for ease of reading and understanding. 10 IAC 1.5-6-1 Updates code references. Necessary to align with current applicable statutes.