This page addresses key areas of interest regarding New Mexico unclaimed property and escheatment laws and regulations.
Key New Mexico Unclaimed Property Reporting Deadlines
Holders of unclaimed property in New Mexico must report and remit by October 31st; life insurance companies are required to report and remit property by April 30th. Early reporting is permitted with prior written approval from the Administrator. Negative reports are required from holders.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with New Mexico’s unclaimed property laws and regulations. Holders reporting to New Mexico are required to submit their reports electronically for reports that contain 25 or more records and must also provide a hardcopy printout. Written reports may be submitted for reports containing fewer than 25 records.
New Mexico Due Diligence Requirements
New Mexico requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence notices must be sent each reporting cycle 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 unless the owner claims it from the holder before the report is filed.
New Mexico Dormancy Periods
Dormancy periods in New Mexico vary by property type. 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 New Mexico for common property types include:
- Wages or Payroll: 1 year
- Checking Accounts: 5 years
- Money Orders: 7 years
New Mexico Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The New Mexico 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 Mexico 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.