Washington State recently announced that unclaimed property holders will have an opportunity to avoid penalties and interest for any past-due property through their voluntary compliance program. Qualified holders can forego penalties for prior unreported periods as long as they report and remit payment for outstanding unclaimed property before November 1, 2017.
Compliance (231 articles)
Most state estimates suggest that only 15 to 35 percent of companies are in full compliance with unclaimed property laws, and even those who are in compliance technically may be underreporting because they aren’t correctly interpreting what the law requires. Here you will find best practices and articles to help you comply with unclaimed property rules and regulations.
The U.S. District Court of Delaware dismissed a July 2016 action brought by Office Depot contending that Delaware’s unclaimed property law was preempted by federal law, citing the trilogy of US Supreme Court cases that established the jurisdictional priority rules.
States have now begun to introduce legislation based in part off of the RUUPA in order to help shape unclaimed property law in their respective jurisdictions. To date, six states have proposed to adopt provisions from the RUUPA, with some differences, that would significantly overhaul their unclaimed property statutes.
Representatives from the American Bar Association (ABA) have indicated that it intends to move forward with the drafting of a new unclaimed property model act that would serve as a clear alternative to the Revised Uniform Unclaimed Property Act (RUUPA) drafted by the Uniform Law Commission.