Bill: Draft Dormant Accounts Act

[Aladeen]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO

Amend the Taxation Act
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The people of the Commonwealth of Redmont, through their elected Representatives in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
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PART I — PRELIMINARIES

1 - Short Title and Enactment

(1) This Act may be cited as the “Dormant Accounts Act”

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by The Redmont Institute.

(4) This Act has been written in collaboration with Aladeen22.

(5) This Act has been co-sponsored by xEndeavour.

2 - Reasons

(1) To more effectively access liquidity via pruning mechanisms.

(2) Properly account for the millions in deposited assets not properly taken into account with current taxation procedures.

PART II — AMENDMENTS

3 - Amendments

(1) Section 12 of the Taxation Act shall be amended as follows:

“(1) All players who have been inactive for at least 3 consecutive months will have the entirety of their personal balance, and deposits held in financial institutions transferred to the DCGovernment balance.”

(2) Section 7 of the Taxation Act shall be amended as follows:

(3) “Financial institutions must maintain records identifying accounts belonging to players inactive for 3 consecutive months or more. These accounts shall be referred to as Dormant.

(a) A financial institution must submit a Dormant Account Report to the Department of Commerce every 120 days containing:

(i) Dormant Account holder name
(ii) Total balance held
(iii) Date of last player activity”

PART III — ENFORCEMENT

4 — Enforcement

(1) The Department of Commerce shall be responsible for enforcing the provisions of this Act.

(2) Financial Institutions must comply with the requests made by the Department of Commerce regarding dormant account records and the transfer of funds belonging to inactive players.

(3) Financial Institutions must maintain complete records of all account holders and balances, including accounts belonging to players who have become inactive.

(4) A financial institution must not alter, conceal, transfer, or otherwise manipulate account records for the purpose of avoiding the classification of an account as dormant.

PART IV — DORMANT ACCOUNT PROTECTIONS

5 — Dormant Account Protections

(1) A financial institution shall not acquire ownership of funds belonging to an inactive player through inactivity clauses, terms of services, provisions, or similar contractual mechanisms.

(2) Any provision in a financial institution’s terms of service that transfers ownership of an inactive player’s funds to the financial institution prior to the transfer required under Section 12 of the Taxation Act shall be void and unenforceable.

(3) Funds belonging to players inactive for three consecutive months shall remain the property of the account holder until they are transferred to the DCGovernment balance as required under this Act.

(4) A financial institution must not transfer dormant balances to its own accounts, internal reserves, or any affiliated entity in order to avoid compliance with this Act.