On March 14, 2017, Michigan 3791 2015 was adopted and sets forth new unclaimed property audit standards under Michigan’s Uniform Unclaimed Property Act. State and third-party auditors contracted by Michigan must now adhere to this new set of standards & practices when conducting an audit.
As part of DE SB 13, the Delaware Department of Finance & State Escheator have drafted proposed regulations in the form of an “Unclaimed Property Reporting & Examination Manual.” According to the preface, these standards are not discretionary and auditors are prohibited from developing or using their own versions, absent the permission of the State Escheator. The comment period to address any issues with the proposed regulations will expire on Wednesday, May 3, 2017.
As the state of incorporation for many of the country’s largest corporations, Delaware holds a prominent position within the unclaimed property landscape. As such, when Delaware makes changes to its unclaimed property laws, the holder community surely takes notice. Here’s what holders should take away from DE Senate Bill 13.
Washington State recently announced that unclaimed property holders will have an opportunity to avoid penalties and interest for any past-due property through their waiver program. Qualified holders can forego penalties for prior unreported periods as long as they report and remit payment for outstanding unclaimed property before November 1, 2017.