(March 6 – 14:25 ET) – The Investment Dealers Association is alerting its B.C. members to where the government has implemented unclaimed intangible property legislation that will now cover money and securities.The IDA says it is preparing an analysis of the new legislation.

B.C.’s Legislative Assembly passed the Unclaimed Property Act on July 15, 1999,
repealing the Unclaimed Money Act. The new legislation is intended to do a better job of reuniting owners with their unclaimed property. The Act will require holders of unclaimed property to “make reasonable efforts to locate and notify owners of their unclaimed property”.

Property is broadly defined to include deposits, securities, and claims on trust funds established under benefit plans. Unclaimed property does not have to be returned to the
province. The new legislation is not retroactive. It applies to deals entered after July 1, 2000.
-IE Staff