Keane's Unclaimed Property Blog

Abandoned Property Law (24 articles)

New York Abandoned Property Law Update – NY A4011 (S2811) Sent 4/5/2011 (Revised 4/7/2011, 5/24/11)

Abandoned Property, Abandoned Property Law, Unclaimed Property, Unclaimed Property Law

Please be advised that on March 31, 2011, New York passed the budget bill S2811, which replaced the identical New York Abandoned Property Law A4011. The new law, effective immediately and due with the next reporting cycle, provides the following: New York S2811 lowered the dormancy periods from 5 years to 3 years for the […]

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Idaho Passes Legislation which Alters Securities Reporting

Abandoned Property, Abandoned Property Law, Other News, Unclaimed Property, Unclaimed Property Reporting

Proposed on February 17, 2011 and passed on March 25, 2011, HB 174 marks the first major unclaimed property legislation passage of 2011. The bill makes two major changes to securities reporting in Idaho: (1) the dormancy trigger will now be a combination of inactivity and RPO, instead of pure inactivity, and (2) the requirements […]

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Costco Sues Washington State Over $3 Million in Unclaimed Rebates

Abandoned Property, Abandoned Property Law, Compliance, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Last week, the Seattle Post-Intelligencer reported that Costco is suing the State of Washington over $3.2 million in unclaimed rebates. The lawsuit is in response to an order mandated by the state in February that Costco owed more than $3 million in unused rebates. The state says the funds belong in a state-managed program for […]

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Indiana Unclaimed Property Reporting: Today is the Deadline Under the Indiana Amnesty Program

Abandoned Property, Abandoned Property Law, Compliance, Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Reporting unclaimed property in Indiana? If so, pay attention! Today, February 28, 2011, is the deadline for unclaimed property reports under the Indiana Amnesty Program. Early last fall, the Office of the Indiana Attorney General instituted a one-time only unclaimed property amnesty program to help organizations holding unclaimed property come into compliance with the Unclaimed […]

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Corporate Unclaimed Property Compliance Insights

Abandoned Property, Abandoned Property Law, Unclaimed Property, Unclaimed Property Audit, Unclaimed Property Law, Unclaimed Property Reporting

When not correctly managed and reported, the risk of state audits – and subsequent fines and penalties for inadequate unclaimed property compliance – become a distinct reality. There is a widely held belief, however, that the overwhelming majority of unclaimed property is not reported. In fact, most state estimates suggest that only 15-35 percent of […]

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