House to vote on abandoned property bill

(AP) – The state House is poised to give final approval to a bill reforming Delaware's abandoned property laws.

The bill, which passed the Senate unanimously last week, was scheduled for a House vote Thursday.

The legislation was introduced in response to a federal judge's ruling last year excoriating the state for its aggressive collection procedures.

Abandoned property is a critical revenue source for state government, amounting to about half a billion dollars annually and representing the state's third-largest revenue category.

It's also been the subject of several lawsuits by companies challenging the way Delaware has gone after abandoned property, which can include unclaimed stocks and bonds, insurance policies, uncashed checks, unclaimed wages, dividends, even unredeemed rebates and gift certificates.