This page addresses key areas of interest regarding New Jersey unclaimed property and escheatment laws and regulations.
Key New Jersey Unclaimed Property Reporting Deadlines
The deadline for annual reporting and remittance in New Jersey is October 31st for all holders except life insurance companies, who must report by April 30th. Early reporting is permitted with prior written approval from the Administrator.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with New Jersey’s unclaimed property laws and regulations. Holders reporting to New Jersey are required to submit their reports electronically for reports that contain 20 or more properties. Written reports may be submitted for reports containing fewer than 20 properties.
New Jersey Due Diligence Requirements
New Jersey requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence letters must be sent each reporting cycle by certified mail with return receipt requested to the apparent owner at the last known address, no more than 120 days and no less than 60 days prior to filing the report.
This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the State Treasurer unless the owner claims it from the holder before the report is filed.
New Jersey Dormancy Periods
Most property types in New Jersey have a dormancy period of three years. 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. Other dormancy periods in New Jersey for common property types include:
- Wages/Payroll, Salary – 1 Year
- Stored value cards/Unredeemed gift certificates – 5 Years
New Jersey Unclaimed Property Links
What Are the Holes in Your Unclaimed Property Process?
Answer 8 questions to understand your level of unclaimed property risk in as little as 30 secondsWhat's My Risk?
Key Unclaimed Property Reporting FAQs
The New Jersey unclaimed property reporting process can be challenging for holders. 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 New Jersey can be a stressful process that consumes valuable internal resources, especially if you must report in other jurisdictions as well. 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.