On November 1, 2016 Michigan 3791 2015 revised the proposed administrative rules regarding unclaimed property audit procedures and rules, which were originally filed on February 15, 2016. The revised proposal addresses the many intricacies of Michigan unclaimed property audits. Michigan was accepting comments and feedback from the holder community. The deadline to comment on the […]
Keane recently received communication from state personnel regarding new requirements for reporting securities-related unclaimed property in both California and New York. Properly escheating securities is one of the more complex aspects of the annual compliance and reporting process, as it requires additional steps not applicable for general ledger property types. Updated reporting and remittance instructions for both jurisdictions are outlined […]
The issues center on which state has jurisdiction over $150 million in uncashed official checks. Both Delaware and a group of 21 other states have laid claim to all or a portion of the $150 million sum citing federal common law and the federal Disposition of Abandoned Money Orders and Traveler’s Checks Act, respectively.
The dismissal of the Marathon/Speedway case leaves many questions unanswered – including issues which could provide important guidance to Delaware and to holders with regard to audit practices and more specifically with regard to gift card liability.
Signed into law by Governor Rauner on August 26, 2016, IL HB 4633 creates the Illinois Uniform Unclaimed Life Insurance Benefits Act and amends the state Insurance Code. This bill will become effective on January 1, 2017 and details the requirements and procedures to which insurers must adhere to ensure compliance. This includes identifying deceased insureds and […]