This page addresses key areas of interest regarding Mississippi unclaimed property and escheatment laws and regulations.
Key Mississippi Unclaimed Property Reporting Deadlines
Mississippi, like many states, has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit prior to November 1st using June 30th of the current year as the cutoff date. Mississippi law requires holders to report unclaimed property every third year (2017, 2020, 2023, etc.).
Early reporting is not permitted. Mississippi requests that holders do not submit negative reports.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Mississippi’s unclaimed property laws and regulations.
Mississippi Due Diligence Requirements
Mississippi requests that holders send due diligence notifications to the owner for any property with a value of $50 or more at least 60 days before the report is filed.
Each letter should be sent to the apparent owner at the last known address informing the owner that the holder is in possession of property subject to escheat to the State of Mississippi.
Mississippi Dormancy Periods
Dormancy periods in Mississippi vary by property type. Generally, most property types have a 5 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 Mississippi for common property types include:
- Wages, Payroll or Salary: 5 year
- Safety Deposit Box Contents: 5 years
- Travelers Checks: 15 years
Mississippi Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Mississippi 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 Mississippi 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.