Delaware is sending voluntary disclosure agreement invitations to holders believed to be out of compliance with its unclaimed property laws. In a slight change in policy, Delaware indicated that any holders that choose not to enroll in the VDA program will be audited.
Unclaimed Property Audit (49 articles)
Recently, Keane noticed an uptick in unclaimed property audits initiated by the state of Massachusetts. We wanted to bring this to the attention of holders incorporated in Massachusetts, as well as those with a physical presence in the state, so that proactive measures can be considered. Proactive measures would include conducting an internal risk assessment […]
Univar alleges that the unclaimed property audit spearheaded by Kelmar violates a number of its constitutional rights, including substantive and procedural due process rights, the right to equal protection and the right to be free from unreasonable searches and seizures, and that it constitutes a taking of private property without just compensation.
As with most other aspects of unclaimed property law, there is no such thing as uniformity. Recent legislation in Delaware, Illinois, Massachusetts, South Carolina, and Wisconsin continues to reflect the opposing state viewpoints on the use of third-party contingency fee auditors.