This page addresses key areas of interest regarding Hawaii unclaimed property and escheatment laws and regulations.
Key Hawaii Unclaimed Property Reporting Deadlines
Hawaii has a fall deadline of October 31st for annual reporting and remittance. Early reporting is permitted with prior approval from the administrator. Negative reports are not required but the administrator may request that a holder file a negative report.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Hawaii’s unclaimed property laws and regulations. Electronic filing is required for all holders reporting to Hawaii.
Hawaii Due Diligence Requirements
Hawaii requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address, not more than 6 months prior to the filing due date.
This notice should inform the owner of the nature of the property and how to recover it, and also inform the owner that the property will be turned over to the state unless the owner claims it from the holder before the escheat report is filed.
A notarized holder report cover sheet and affidavit stating that written notice was sent to the apparent owner must be included along with the holder report.
Hawaii Dormancy Periods
Dormancy periods in Hawaii vary by property type. Generally, most property types have a 5-year dormancy period. Accounts are considered dormant if the property owner has not indicated any interest in the property, or if no contact has been made by the owner for the allotted dormancy period for that property.
Dormancy periods in Hawaii for common property types include:
- Wages, Payroll or Salary: 1 year
- Safe Deposit Boxes: 5 years
- Traveler’s Checks: 15 years
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Hawaii Unclaimed Property Links
Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Hawaii and other states. 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 Hawaii 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.