This page addresses key areas of interest regarding Connecticut unclaimed property and escheatment laws and regulations.
Key Connecticut Unclaimed Property Reporting Deadlines
Connecticut has a spring deadline for annual reporting and remittance. Holders of unclaimed property, must report and remit by March 31st. In 2018, because March 31st is a Saturday and Friday, March 30th is a state holiday, reports are therefore due on March 29th. Early reporting is permitted, but not earlier than January 1st.
Negative reports are required if the holder is incorporated in Connecticut, is a Connecticut licensed business or is physically located in Connecticut. Letters, coversheets, or other software-generated forms are accepted only if they are properly signed and notarized.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Connecticut’s unclaimed property laws and regulations. Holders reporting to Connecticut are required to submit their reports electronically for reports that contain 3 or more properties. Connecticut requires all holders who prepare electronic reports to submit the reports on a CD or a flash drive. Paper copies and email submissions are not accepted.
Connecticut Due Diligence Requirements
Connecticut requires holders to send due diligence notifications for all property types, regardless of the value of the property. Holders must send due diligence letters via first class mail each reporting cycle to the apparent owner at the last known address. The state recommends giving owners at least 45 days to respond to the letter before declaring the property abandoned.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Connecticut Dormancy Periods
Dormancy periods in Connecticut vary by property type. Generally, most property types have a 3 year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in Connecticut for other common property types include:
- Wages, Payroll or Salary: 1 year
- Money Orders(Non-Bank): 7 years
Connecticut’s Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Connecticut. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Connecticut and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.