In recent weeks, both Arizona and Utah have introduced bills seeking to amend certain provisions of their unclaimed property laws relating to gift cards. Arizona only proposes changes to gift cards, while Utah’s provisions would also impact stored value cards and 529 College Savings Plans.
Public Corporations (41 articles)
Through proactive shareholder outreach and location programs, public corporations can improve investor communication and retain at-risk shareholders, while reducing the risk of identity theft, fraud, fines, penalties, and audits. Here you will find best practices and unclaimed property news that impacts public corporations.
Keane has received notification from the Delaware Secretary of State’s office that in 2 weeks it will be mailing notices to holders whom it believes to be non-compliant with Delaware escheat law. Holders will have 60 days from mail date to enroll in the SOS VDA program or risk referral to State Escheator for examination. Below is the full text of the notification.
Many companies rarely, if ever, view themselves as the rightful owner of unclaimed or abandoned property. However, businesses make up the largest share of owners entitled to the estimated $40-50 Billion in unclaimed assets currently held by state and municipal governments and treasuries. This post will offer guidance on how businesses may prepare to recover assets owed to their organization.
Keane recently received communication from state personnel regarding new requirements for reporting securities-related unclaimed property in both California and New York. Properly escheating securities is one of the more complex aspects of the annual compliance and reporting process, as it requires additional steps not applicable for general ledger property types. Updated reporting and remittance instructions for both jurisdictions are outlined […]