Unclaimed Property laws are complex and often difficult for holders to interpret. This complexity also makes the unclaimed property laws challenging to enforce. However, as states continue to closely monitor their budgets and look increasingly to unclaimed property as a source of revenue, once-previously overlooked provisions are now being enforced in an effort to increase […]
Unclaimed Property Reporting (171 articles)
With 55 domestic reporting jurisdictions – and little uniformity from one to the next – it can be a daunting task for companies to handle their unclaimed property reporting. For example, some jurisdictions require reports in the fall – others want them in the spring. Dormancy periods vary by property type and which jurisdiction you’re reporting to. Furthermore, unclaimed property laws are constantly changing. On this page you’ll find best practices for correctly reporting unclaimed property.
Maryland recently became the third state to propose legislation similar to the NCOIL Model Unclaimed Life Insurance Benefits Act, requiring insurance companies to conduct Death Master File (DMF) searches to proactively identify deceased policy owners. Meanwhile, a US Representative has introduced a bill to Congress that would prevent the Social Security Administration (SSA) from making […]
Continuing a nationwide trend, South Dakota recently introduced legislation that would reduce the dormancy periods for unclaimed property from five to three years. Specifically, South Dakota’s HB 1270 would decrease the dormancy periods for the following types of unclaimed property:
Recently, Val Jundt, Keane’s Managing Director of Consulting and Advisory Services, had the opportunity to sit down with the National Association of Credit Management (NACM) and give a few pointers on reporting unclaimed property. Val notes some of the more common mistakes in unclaimed property compliance, as well as some hints for companies that have […]
On January 5, 2012, the United States Court of Appeals for the Third Circuit issued its opinion in the case of New Jersey Retail Merchants Association v. Sidamon-Eristoff which concerns several plaintiffs’ challenges against NJ A3002, the bill passed on June 30, 2010. The bill featured major changes to New Jersey’s approach to unclaimed gift […]