[GMIJFI]

Recently moved to Florida from another state.

Just received a letter from a mutual fund we own, The exact words in the letter stated" The state of Florida (where you reside) requires mutual funds to have evidence of contact with their investors at least every 3 years. If investor initiated contact cannot be demonstrated over this time period, we may be required to transfer your mutual fund assets to your state as abandoned or unclaimed property."

In looking at the FAQ on their website regarding this issue, it also said that RMDs coming out of the mutual fund may not necessarily constitute "investor initiated contact".

We were aware that this type of provision applies to bank accounts in many states but were not aware that it also may apply to other types of investments - i.e. mutual funds.

Just passing the word on to others that may not be aware

[Bogie Shooter]

Why do you suppose that law was passed?

[kellyjam]

[QUOTE=Bogie Shooter;859033]Why do you suppose that law was passed?

The States are all broke and they are looking for revenue any way they can. This would seem only to apply to a dispute over actual residence in a State. Many snowbirds move their investments and pensions to a tax free State while retaining their residency in a tax State i.e. NY or IL.

[JourneyOfLife]

Many states have similar laws.