The enactment of Tennessee House Bill 420 provided significant changes to TN unclaimed property law. Among some of the big changes were the reduction of dormancy periods, changes to dormancy triggers, and the introduction of new provisions for specific property types.
The objective of the unclaimed property due diligence letter is to provide proper notice to the apparent owner of abandoned or unclaimed property in an attempt to resolve the item. This post will analyze the key elements of an effective due diligence mailing to both ensure compliance with state escheat laws and to maximize the return of property to owners.
Unclaimed property compliance for broker dealers and the financial services community can often be an overlooked area of compliance. In addition to Federal regulations such as SEC Rule 17Ad-17, maintaining compliance with 55 unique sets of escheat law is critical to protecting investor accounts and valuable client relationships. In this post, we have outlined 8 pressing unclaimed property concerns facing the brokerage industry.
New York has revised its voluntary compliance program for past-due general ledger property. Eligible holders that enroll can benefit from a reduced reach-back period of 10 years, previously 20 years. Holders electing not to participate in the program are required to use the audit reach-back start date of January 1, 1992.
We’re about six months away from the fall unclaimed property filing deadlines, but we’re already looking ahead and making our preparations. This unclaimed property reporting calendar will serve as a guide as we approach the October and November deadlines for the fall season.