This page addresses key areas of interest regarding Missouri unclaimed property and escheatment laws and regulations.
Key Missouri Unclaimed Property Reporting Deadlines
Missouri has a fall deadline for annual reporting and remittance. Holders of unclaimed property, must report and remit by October 31st, except for life insurance companies who are required to report by April 30th.
Early reporting is permitted with prior approval from the administrator. Negative reports are not required.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Missouri’s unclaimed property laws and regulations. Electronic filing is not required; but all holders reporting to Missouri are encouraged to submit their reports electronically.
Missouri Due Diligence Requirements
Missouri 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 within 1 year of the reporting deadline.
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.
Missouri Dormancy Periods
Dormancy periods in Missouri 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 Missouri vary. Dormancy periods for common property types include:
- Wages, Payroll or Salary: 3 years
- Money Orders (Non-Bank): 7 years
- Traveler’s Checks: 15 years
Missouri Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in Missouri 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 Missouri 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.