At this point, you probably know that many organizations are carrying unclaimed property and are in danger of escheat audits. But why do companies seem to be so willing to risk non-compliance? While many companies are aware of unclaimed property compliance requirements, some will just wait until they get hit with an escheat audit to […]
Recent legislative, regulatory and legal developments that occurred during the month of June 2010 in the areas of state unclaimed property law and regulation are summarized below, by state and by topic: Unclaimed Property Reporting Laws: State By State Changes Delaware Unclaimed Property Reporting SB 272 Introduced 5/13/10, Passed Senate 6/22/2010, Passed House 6/29/2010. Section […]
This post details a recent change in Indiana unclaimed property law that reduces dormancy periods & will effect reporting as of November 1, 2011. If you have specific questions or would like personalized guidance, please contact an unclaimed property consultant. On March 17th the Governor of Indiana signed HB 1083 into law, with an effective […]
State Dormancy Periods Regulations Arizona Dormancy Periods HB 2003, SB 1003 Introduced 12/17/09 This bill proposes to change the dormancy period for traveler’s checks back to 15 years from 3 years. HB 2111 Introduced 1/10/10, Engrossed 2/16/10 This bill proposes to change the dormancy period for traveler’s checks back to 15 years from 3 years. […]
This is to advise that on May 14, 2010, the Delaware General Assembly introduced legislation that proposes significant changes to the administration and enforcement of Delaware’s unclaimed property statute. Specifically, this Act improves the administration of the Delaware Abandoned and Unclaimed Property Statute by providing holders with additional clarity and certainty regarding the enforcement of the Delaware abandoned property statute.