As states become more aggressive with abandoned property laws and guidelines, they continue to make changes to legislation in an effort to generate more revenue. On September 30, Tennessee proposed new administrative rules for unclaimed property that if passed will directly affect businesses operating in the state. The proposed changes apply to Organizations and Individuals […]
Abandoned Property Law (24 articles)
With reporting deadlines occurring at the end of this month, we are constantly keeping abreast of issues involving unclaimed property and dormant accounts—even ones occurring outside the United States. A recent article caught our attention from CaymanNewsService titled “Law fundamentally ‘flawed’” as it raised some unclaimed property law issues that have and continue to occur […]
Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Gift Card Escheatment, Legislative Alerts, Money Orders, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting
Michigan’s new reporting bill, HB 6421 – introduced on September 8th, was signed into law by the Governor on October 5, 2010. The details are summarized below: General dormancy period from 5 to 3 years. Money orders from 7 years to 3 years. Any sum payable on a check, draft, or similar instrument from 5 years […]
Some important news for you if you’re a holder following state unclaimed property law; Indiana has recently announced a change – A one-time only “Amnesty” program to help holders of unclaimed property regain compliance.
American Express as well as the New Jersey Retail Merchants Association have targeted a recent law which altered the length of time upon which the state can seize travelers check and unused gift card balances. American Express is concerned with travelers checks and the NJRMA is unhappy with the law’s implications on gift cards. New […]