Unclaimed Property

Delaware Unclaimed Property Law Overhauled

Significant Changes Affecting Compliance, VDAs and Audit Enforcement Senate Bill (SB 13) was signed into law by Delaware Governor Carney on February 2, 2017.  The new law, which became effective upon being signed, makes sweeping reforms to Delaware’s unclaimed property statute (the “UPL”). These changes follow years of scrutiny of the state’s unclaimed property practices,… Read more »

Uniform Unclaimed Property Act: Major Update Will Affect AP Compliance

Accounts payable professionals would be wise to be aware that a new draft of the Uniform Unclaimed Property Act (UUPA) was approved in July. The revised UUPA (“RUUPA”) will now move on to the states and territories for their review and adoption. The RUUPA may have a far-reaching impact on state and territorial requirements governing... Read more »
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Canada Unclaimed Property

Québec Revenu Québec administers unclaimed property in Québec. After three years, unclaimed financial assets, including uncashed checks, are deemed unclaimed property, at which time the holder of the property must perform due diligence in locating the owner. If the holder cannot locate the owner, then they must remit the property to Revenu Québec on an... Read more »
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A Sweet Source of Revenue for the States

Today, all 50 states, Guam, Puerto Rico, the Virgin Islands, and the Canadian provinces of Alberta, British Columbia, Ontario, and Quebec have unclaimed property laws on their books. Unclaimed property laws are considered “custodial” in nature. This means that the property remitted or transferred to a state, as required under its unclaimed property laws, is... Read more »
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Unclaimed Property Reporting Dates by State

Updated October 2016 Disclaimer:  This information provided for reference only. Keane updates this information for IOFM annually; while Keane makes every effort to ensure its accuracy, unclaimed property laws and regulations are dynamic and often change with short notice.  Please consult Keane, your compliance staff, or contact specific states to obtain the most current information before reporting... Read more »
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Unclaimed Property Aggregate Reporting

Most states designate a dollar amount below which only minimal detail information is required in your unclaimed property report. The reporting threshold varies from state to state, ranging from 10 dollars to 100 dollars, with a majority of states setting the cutoff at 50 dollars. Items below the reporting threshold may be aggregated into a... Read more »
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State Unclaimed Property Web Site Links

The following table lists state URLs that lead to individual states’ information on unclaimed property reporting and compliance for each state. (In some cases, you must follow menu links to get to the information.) Also included is the Commonwealth of Puerto Rico. Updated July 2016 State URL for Unclaimed Property Information Alabama http://treasury.alabama.gov/unclaimed-property/ Alaska http://treasury.dor.alaska.gov/UnclaimedProperty.aspx... Read more »
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State Escheatment Requirements

Updated October 2016 One situation that makes escheatment compliance so complex is the fact that the states have differing requirements — different dormancy periods, different periods for vendor payments, and different due diligence requirements. For the AP department that may have vendors in several states, this can create near havoc. Each state has its own reporting... Read more »
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B2B Provisions of State Laws Relating to Unclaimed Property

Many states have specific provisions relating to vendor payments, credit balances, credit memos and other B2B transactions. Unfortunately, they are far from uniform, and the state interpretations differ significantly. As escheatment attorney Richard Field notes, “If you call the unclaimed property office of a given state for guidance, you have to know they are going... Read more »
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New Importance of Unclaimed Property Due Diligence

by Karen Anderson Most state unclaimed property laws require that a business make a last attempt to contact the owner of funds, securities, or safe deposit box contents. This last attempt is called “due diligence”. State unclaimed property laws generally include a requirement that the business send a letter to the owner at the last... Read more »
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